As far as I know, Team Foundation Server 2010\'s source control (and prior versions) doesn\'t support linking (Symbolic links) of files.
Linking (per Visual SourceSafe)
This thread is more recent (2010), about TFS 2008 and 2010:
TFS (2008 and 2010) do not have support for links. There is a server-side extension for TFS 2010 (ie. what VS2010 used for gated checkin) but this sounds like a client-side solution since the link must be converted to a file to be recognized by the client OM.
If you only work with the command line, how about a wrapper tool for some version control operations? For example, the check-in wrapper would convert links to a linktext file and add or replace the existing linktext file before doing the normal check-in. The check-out wrapper would check-out the corresponding linktext file. Note that there will be quite a bit of work since you'll have to wrap many commands.