You can find most of the parameters in the msbuild script C:\WINDOWS\Microsoft.NET\Framework\v2.0.50727\Borland.Delphi.Targets when you look at the CoreCompile target.
ExeOutput="$(DCC_ExeOutput)"
BplOutput="$(DCC_BplOutput)"
DcuOutput="$(DCC_DcuOutput)"
DcpOutput="$(DCC_DcpOutput)"
HppOutput="$(DCC_HppOutput)"
ObjOutput="$(DCC_ObjOutput)"
BpiOutput="$(DCC_BpiOutput)"
DependencyCheckOutputName = "$(DCC_DependencyCheckOutputName)"
UnitSearchPath="$(UnitSearchPath)"
ResourcePath="$(ResourcePath)"
IncludePath="$(IncludePath)"
ObjPath="$(_ObjectPath)"
UnitAlias="$(DCC_UnitAlias)"
ConsoleTarget="$(DCC_ConsoleTarget)"
Define="$(DCC_Define)"
FindError="$(DCC_FindError)"
MapFile="$(DCC_MapFile)"
Hints="$(DCC_Hints)"
CBuilderOutput="$(DCC_CBuilderOutput)"
BaseAddress="$(DCC_BaseAddress)"
UsePackage="$(_UsePackage)"
MakeModifiedUnits="$(DCC_MakeModifiedUnits)"
BuildAllUnits="$(DCC_BuildAllUnits)"
NameSpace="$(NameSpace)"
OldDosFileNames="$(DCC_OldDosFileNames)"
Quiet="$(DCC_Quiet)"
DebugInfoInExe="$(DCC_DebugInfoInExe)"
DebugVN="$(DCC_DebugVN)"
RemoteDebug="$(DCC_RemoteDebug)"
OutputNeverBuildDcps="$(DCC_OutputNeverBuildDcps)"
NoConfig="true"
OutputDRCFile="$(DCC_OutputDRCFile)"
OutputDependencies="$(DCC_OutputDependencies)"
OutputXMLDocumentation="$(DCC_OutputXMLDocumentation)"
DefaultNamespace="$(DCC_DefaultNamespace)"
Platform="$(DCC_Platform)"
UnsafeCode="$(DCC_UnsafeCode)"
Warnings="$(DCC_Warnings)"
Alignment="$(DCC_Alignment)"
MinimumEnumSize="$(DCC_MinimumEnumSize)"
FullBooleanEvaluations="$(DCC_FullBooleanEvaluations)"
AssertionsAtRuntime="$(DCC_AssertionsAtRuntime)"
DebugInformation="$(DCC_DebugInformation)"
ImportedDataReferences="$(DCC_ImportedDataReferences)"
LongStrings="$(DCC_LongStrings)"
IOChecking="$(DCC_IOChecking)"
WriteableConstants="$(DCC_WriteableConstants)"
LocalDebugSymbols="$(DCC_LocalDebugSymbols)"
RunTimeTypeInfo="$(DCC_RunTimeTypeInfo)"
Optimize="$(DCC_Optimize)"
OpenStringParams="$(DCC_OpenStringParams)"
IntegerOverflowCheck="$(DCC_IntegerOverflowCheck)"
RangeChecking="$(DCC_RangeChecking)"
TypedAtParameter="$(DCC_TypedAtParameter)"
PentiumSafeDivide="$(DCC_PentiumSafeDivide)"
StrictVarStrings="$(DCC_StrictVarStrings)"
GenerateStackFrames="$(DCC_GenerateStackFrames)"
ExtendedSyntax="$(DCC_ExtendedSyntax)"
SymbolReferenceInfo="$(DCC_SymbolReferenceInfo)"
StackSize="$(DCC_StackSize)"
ImageBase="$(DCC_ImageBase)"
Description="$(DCC_Description)"
DelaySign="$(DCC_DelaySign)"
KeyFile="$(DCC_KeyFile)"
KeyContainer="$(DCC_KetContainer)"
CodePage="$(DCC_CodePage)"
SYMBOL_DEPRECATED="$(DCC_SYMBOL_DEPRECATED)"
SYMBOL_LIBRARY="$(DCC_SYMBOL_LIBRARY)"
SYMBOL_PLATFORM="$(DCC_SYMBOL_PLATFORM)"
SYMBOL_EXPERIMENTAL="$(DCC_SYMBOL_EXPERIMENTAL)"
UNIT_LIBRARY="$(DCC_UNIT_LIBRARY)"
UNIT_PLATFORM="$(DCC_UNIT_PLATFORM)"
UNIT_DEPRECATED="$(DCC_UNIT_DEPRECATED)"
UNIT_EXPERIMENTAL="$(DCC_UNIT_EXPERIMENTAL)"
HRESULT_COMPAT="$(DCC_HRESULT_COMPAT)"
HIDING_MEMBER="$(DCC_HIDING_MEMBER)"
HIDDEN_VIRTUAL="$(DCC_HIDDEN_VIRTUAL)"
GARBAGE="$(DCC_GARBAGE)"
BOUNDS_ERROR="$(DCC_BOUNDS_ERROR)"
ZERO_NIL_COMPAT="$(DCC_ZERO_NIL_COMPAT)"
STRING_CONST_TRUNCED="$(DCC_STRING_CONST_TRUNCED)"
FOR_LOOP_VAR_VARPAR="$(DCC_FOR_LOOP_VAR_VARPAR)"
TYPED_CONST_VARPAR="$(DCC_TYPED_CONST_VARPAR)"
ASG_TO_TYPED_CONST="$(DCC_ASG_TO_TYPED_CONST)"
CASE_LABEL_RANGE="$(DCC_CASE_LABEL_RANGE)"
FOR_VARIABLE="$(DCC_FOR_VARIABLE)"
CONSTRUCTING_ABSTRACT="$(DCC_CONSTRUCTING_ABSTRACT)"
COMPARISON_FALSE="$(DCC_COMPARISON_FALSE)"
COMPARISON_TRUE="$(DCC_COMPARISON_TRUE)"
COMPARING_SIGNED_UNSIGNED="$(DCC_COMPARING_SIGNED_UNSIGNED)"
COMBINING_SIGNED_UNSIGNED="$(DCC_COMBINING_SIGNED_UNSIGNED)"
UNSUPPORTED_CONSTRUCT="$(DCC_UNSUPPORTED_CONSTRUCT)"
FILE_OPEN="$(DCC_FILE_OPEN)"
FILE_OPEN_UNITSRC="$(DCC_FILE_OPEN_UNITSRC)"
BAD_GLOBAL_SYMBOL="$(DCC_BAD_GLOBAL_SYMBOL)"
DUPLICATE_CTOR_DTOR="$(DCC_DUPLICATE_CTOR_DTOR)"
INVALID_DIRECTIVE="$(DCC_INVALID_DIRECTIVE)"
PACKAGE_NO_LINK="$(DCC_PACKAGE_NO_LINK)"
PACKAGED_THREADVAR="$(DCC_PACKAGED_THREADVAR)"
IMPLICIT_IMPORT="$(DCC_IMPLICIT_IMPORT)"
HPPEMIT_IGNORED="$(DCC_HPPEMIT_IGNORED)"
NO_RETVAL="$(DCC_NO_RETVAL)"
USE_BEFORE_DEF="$(DCC_USE_BEFORE_DEF)"
FOR_LOOP_VAR_UNDEF="$(DCC_FOR_LOOP_VAR_UNDEF)"
UNIT_NAME_MISMATCH="$(DCC_UNIT_NAME_MISMATCH)"
NO_CFG_FILE_FOUND="$(DCC_NO_CFG_FILE_FOUND)"
IMPLICIT_VARIANTS="$(DCC_IMPLICIT_VARIANTS)"
UNICODE_TO_LOCALE="$(DCC_UNICODE_TO_LOCALE)"
LOCALE_TO_UNICODE="$(DCC_LOCALE_TO_UNICODE)"
IMAGEBASE_MULTIPLE="$(DCC_IMAGEBASE_MULTIPLE)"
SUSPICIOUS_TYPECAST="$(DCC_SUSPICIOUS_TYPECAST)"
PRIVATE_PROPACCESSOR="$(DCC_PRIVATE_PROPACCESSOR)"
UNSAFE_TYPE="$(DCC_UNSAFE_TYPE)"
UNSAFE_CODE="$(DCC_UNSAFE_CODE)"
UNSAFE_CAST="$(DCC_UNSAFE_CAST)"
OPTION_TRUNCATED="$(DCC_OPTION_TRUNCATED)"
WIDECHAR_REDUCED="$(DCC_WIDECHAR_REDUCED)"
DUPLICATES_IGNORED="$(DCC_DUPLICATES_IGNORED)"
UNIT_INIT_SEQ="$(DCC_UNIT_INIT_SEQ)"
LOCAL_PINVOKE="$(DCC_LOCAL_PINVOKE)"
MESSAGE_DIRECTIVE="$(DCC_MESSAGE_DIRECTIVE)"
TYPEINFO_IMPLICITLY_ADDED="$(DCC_TYPEINFO_IMPLICITLY_ADDED)"
XML_WHITESPACE_NOT_ALLOWED="$(DCC_XML_WHITESPACE_NOT_ALLOWED)"
XML_UNKNOWN_ENTITY="$(DCC_XML_UNKNOWN_ENTITY)"
XML_INVALID_NAME_START="$(DCC_XML_INVALID_NAME_START)"
XML_INVALID_NAME="$(DCC_XML_INVALID_NAME)"
XML_EXPECTED_CHARACTER="$(DCC_XML_EXPECTED_CHARACTER)"
XML_CREF_NO_RESOLVE="$(DCC_XML_CREF_NO_RESOLVE)"
XML_NO_PARM="$(DCC_XML_NO_PARM)"
XML_NO_MATCHING_PARM="$(DCC_XML_NO_MATCHING_PARM)"
So to set the defines you could use the DCC_Define parameter like this:
msbuild yourproject.dproj /p:DCC_Define=MY_DEFINE
Others you will find in the .dproj file of your project
<Configuration Condition=" '$(Configuration)' == '' ">Debug</Configuration>
<Platform Condition=" '$(Platform)' == '' ">AnyCPU</Platform>
So it is Configuration and not Config. At least in Delphi 2007.
You might want to learn more about msbuild in general to understand the scripts better and learn how you could make your own msbuild scripts to drive a build machine.
Disclaimer: This information is from a Delphi 2007 setup