I am having the same issue. I am trying to track opens, clicks in individual smart campaigns and the email within the email program is not available in the drop down.
I tried the email program as a stand alone program and now have moved it into another program as a local asset. I have clicked on the email program and created new local asset >smart campaign and also tried to create the new local asset by clicking on the "parent program". However, it is not recognizing the email in the drop down as well.