É muito mais fácil que nas versões anteriores do TFS, basta criar um arquivo .tfignore .
Por exemplo:
######################################
# Ignore .cpp files in the ProjA sub-folder and all its subfolders
ProjA*.cpp
#
# Ignore .txt files in this folder
*.txt
#
# Ignore .xml files in this folder and all its sub-folders
*.xml
#
# Ignore all files in the Temp sub-folder
Temp
#
# Do not ignore .dll files in this folder nor in any of its sub-folders
!*.dll