Application users can not see these settings. The only way to see the settings is to look at the code as a developer.
EDIT:
In my humble experience, the best choice for hiding a connection string in your app, considering the environment I work in, is to hide it in the vb code. You can make a database utilities class, and put your methods and properties there - methods being connect, execute commands etc, and a private property which is your connection string that other methods in the class use.
Other people can see the connection string, like other developers, or people who are browsing around the same files you have access to, but upon deployment, it will be very difficult for someone to extract the connection string out of yourapp.exe.