This may be a naive approach, but I just used WordPad to embed PNG in an RTF document. Below is the first snippet:
{\rtf1\ansi\ansicpg1252\deff0\deflang1033{\fonttbl{\f0\fnil\fcharset0 Calibri;}} {\*\generator Msftedit 5.41.21.2510;}\viewkind4\uc1\pard\sa200\sl276\slmult1\lang9\f0\fs22 testing\par \par \pard\sa200\sl240\slmult1{\pict\wmetafile8\picw27940\pich16378\picwgoal8640\pichgoal5070 0100090000035af60e00000031f60e0000000400000003010800050000000b0200000000050000 000c026b022004030000001e000400000007010400040000000701040031f60e00410b2000cc00 6b022004000000006b0220040000000028000000200400006b020000010018000000000020ec1d 0000000000000000000000000000000000ffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffff
As you can see, even with the PNG file format, the image header starts with \ pict \ wmetafile8. Try changing the title to this format and see if it works.
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