edit (sorry I thought you wanted VBA).
Anytime you try to read a non-existent value from the registry, you get back a Null. Thus all you have to do is check for a Null value.
Use IsNull
not IsEmpty
.
Const HKEY_LOCAL_MACHINE = &H80000002
strComputer = "."
Set objRegistry = GetObject("winmgmts:\\" & _
strComputer & "\root\default:StdRegProv")
strKeyPath = "SOFTWARE\Microsoft\Windows NT\CurrentVersion"
strValueName = "Test Value"
objRegistry.GetStringValue HKEY_LOCAL_MACHINE,strKeyPath,strValueName,strValue
If IsNull(strValue) Then
Wscript.Echo "The registry key does not exist."
Else
Wscript.Echo "The registry key exists."
End If