The Short
https://msdn.microsoft.com/en-us/library/bb189523.aspx
The Long
I started with 
Media Center Studio, but that didn't seem to allow adding the blueray auto play option. And using the 
RegisterMCEApp.exe along with Media Center Studio's generated registry key "context" didn't work. I couldn't get the 
RUN attribute to be the path to the executable along with the command line arguments, so I created a link to the program with the arguments.
http://blogs.msdn.com/b/astebner/archive/2007/01/07/mailbag-how-to-launch-an-exe-from-within-windows-media-center.aspx
<application title="VLC" id="{2C5ECB67-E585-4301-BAF4-5380FE6C26AB}" companyname="VLC" companylogourl="http://cdn.arstechnica.net/wp-content/uploads/2015/03/Blu_ray_icon.png" description="Blu-ray Disc Application">
    <entrypoint id="{2C5ECB67-E585-4301-BAF4-5380FE6C26AB}" RUN="C:\Program Files\VideoLAN\VLC\BluRay.lnk" title="VLC Blu-ray" description="Launch VLC and play Blu-ray Disc">
        <category category="AutoPlay\Blu-ray"/>
    </entrypoint>
</application>