Visual Studio 2013.
I have an external DLL which I am referencing like this in the csproj file:
The conditional compilation symbols are in the DefineConstants
MSBuild property. Check that this contains your symbol:
<Reference Include="NameOfDll" Condition="$(DefineConstants.Contains('Fred'))">
<HintPath>Path\To\Dll\NameOfDll.dll</HintPath>
</Reference>
Pick a distinctive name for the symbol. Not something that could be a substring of another constant like Debug or Trace.