The short answer is that you cannot directly access this setting using the Excel object model (i.e. through PIAs).
However, instead, you can check this setting from the registry in the following location (here I assume that you're using Office 2007 - version 12.0):
HKEY_CURRENT_USER\Software\Microsoft\Office\12.0\Excel\Security\AccessVBOM
this is a DWORD that will be 0 or 1 depending on whether the "Trust access to VBA Object Model" is enabled.
However, this setting can be overriden by another registry key located at:
HKEY_LOCAL_MACHINE\Software\Microsoft\Office\12.0\Excel\Security\AccessVBOM
this is again a DWORD, however, if this value is 0 this means that no matter what the HKCU value is set to, then access to the VBOM will be denied. If the value in HKLM is 1 or missing, then the HKCU key will control the access to the VBOM.
Therefore, all you need to do is to check these two keys via the Registry methods in .NET.