In LabVIEW 7, you can share .NET references between VIs only as long as they are all under the same top level VI. That is saying a lot in a few words so let me give an example.
VI A -> VI a1, a2, x1
VI B -> VI b1, b2, x1
So here we have two "top level" VIs (A and B). Each having two unique subVIs (a1/a2, b1/b2) and a shared VI (x1). Where can references be shared?
A, a1 and a2 can all share references. Same with B, b1 and b2. The x1 subVI is a bit tricky. Which refnum it can access depends on the parent. When called from the A tree, it has access to those refnums but not those from B, and vice versa.
Why? Because a seperate .NET AppDomain is created for each top level VI and therefore any references created in one AppDomain are not visible to another.
In the case of TestStand, each VI called as a step is a top level VI. This is why you can't share .NET references across steps or sequences.
As I discuss in my blog (see http://detritus.blogs.com/lycangeek/2005/03/psst_can_you_ke.html), this is changing in the future and you will be able to share references between A and B.