You can't embed an image inside a .dae file. The way to do this is to put them together into a zip file. The path to the textures inside the COLLADA file should be relative to the location of the .dae file inside the archive.
The zip file is sometimes renamed with an extension .zae. The COLLADA 1.5 spec defines these formally on page 20, repeated here for completion:
Archive Packaging
On import and export, DCC tools must support the .zae format, which is a zip archive of one or several .dae files
(COLLADA documents) and all the referenced content (textures). The
archive must include a file named manifest.xml, an XML-encoded file
that contains a <dae_root>
element. This element is a UTF8
encoding of the relative URI pointing to a .dae file. If the URI
contains a fragment then the indicated element is the starting point
for application loading of the .zae archive. Otherwise, the
<scene>
element will be the starting point for application loading
the .zae archive. If neither of these conditions is met then the
behavior is undefined.
The URIs in the .zae files can reference any other file in the archive
using relative paths from the root of the archive, in accordance with
the URI standard.
The archive itself may include other archives (zip, rar, kmz, zae).
The URI to reference a document inside a nested archive, itself
inside the .zae archive, will use the name of the nested archive in
the path.
For example:
./internal_archive.zip/directory/document.dae#element
It is not possible to reference content outside of an archive using a
relative URI, but it is valid to reference content using an absolute
URI, such as:
file:///other_directory/other_document.dae#element