Click and hold the record button in the transport, and select "Record Settings." At the bottom of this window, find "Core Audio" > "Recording" folder. Click the "Set" button, and re-establish the record path for that song.

This error can occur if you have re-named your audio drive, partition, or song folder/audio files folder since last recording. So check to see if any of the hard drive icons on your desktop have accidentally been renamed. It can also happen if the folder the Logic song was originally stored in has been moved. So be careful about moving folders around.