After a little bit of searching I discovered that myapp.exe.config is the equivalent of the web.config file. These XML files are used to store the configuration settings in winforms and web ( applications, respectively.

These settings can be accessed using:
System.Configuration.ConfigurationSettings.AppSettings(“mySetting”) VB.NET
System.Configuration.ConfigurationSettings.AppSettings[“mySetting”]; C#

Aside: I have used the web.config file in many web applications and found it a very handy place to organize application settings.