Traveling west from Calgary on Highway 1, take the second exit at Banff townsite, take your first right, which is Vermillion Lakes Drive. As you travel west, you will pass 3 lakes and some marshy areas with open views of the mountain behind.
This location is great year round. It is becoming so popular with photographers trying to catch that perfect sunrise, that you have to be here quite early in the morning on weekends to get a good spot.
Early morning produces some great sunrise shots at this spot. The best days are when there are clouds over the mountain, and it is clear to the east, where the praire sun will reflect on the underside of the clouds. The phenomenon only lasts for a few minutes, so one should be prepared.