Yes, it can. When Visual Lint parses a project file it will attempt to expand all compiler build variables it encounters and recursively parse any property (e.g. .vsprops or .props) files in order to correctly identify any additional include or preprocessor directives defined in this way.
Visual Lint includes support for a subset of commonly used build variables implemented by each given project file format. If there is a particular one you need support for which Visual Lint does not seem to handle correctly, please Please contact us.