На самом деле вот работающий пример:
Sub Hyperlink(pLink, ppLayer)
Dim pHyperlink As IHyperlink
Set pHyperlink = pLink
'MsgBox pHyperlink.Link
Dim pFact As IWorkspaceFactory
Dim pWorkspace As IWorkspace
Set pFact = New AccessWorkspaceFactory
Set pWorkspace = pFact.OpenFromFile("D:\MyDB.mdb", 0)
Dim pFeatureWorkspace As IFeatureWorkspace
Set pFeatureWorkspace = pWorkspace
Dim pFeatureClass As IFeatureClass
Dim lName As String
lName = pHyperlink.Link
Set pFeatureClass = pFeatureWorkspace.OpenFeatureClass(lName)
Dim pLayer As IFeatureLayer
Set pLayer = New FeatureLayer
Set pLayer.FeatureClass = pFeatureClass
pLayer.Name = pFeatureClass.AliasName
Dim pMxDoc As IMxDocument
Set pMxDoc = ThisDocument
pMxDoc.AddLayer pLayer
pMxDoc.ActiveView.PartialRefresh esriViewGeography, pLayer, Nothing
End Sub
За час из примеров справки сваял, так что написано как попало, но понять можно.