IP Subnet Notation

One subnet for every unmasked bit b in A, matching all the previous bits in A, differing on b, masking all the following bits. This way each address i not in A will match only one of the above networks, namely the one responsible for the first bit of i that does not match A.

Take a look at IP Address Calculations with C# on MSDN blogs. It contains an extension method (IsInSameSubnet) that should meet your needs as well as some other goodies.

public static class IPAddressExtensions
{
    public static IPAddress GetBroadcastAddress(this IPAddress address, IPAddress subnetMask)
    {
        byte[] ipAdressBytes = address.GetAddressBytes();
        byte[] subnetMaskBytes = subnetMask.GetAddressBytes();

        if (ipAdressBytes.Length != subnetMaskBytes.Length)
            throw new ArgumentException("Lengths of IP address and subnet mask do not match.");

        byte[] broadcastAddress = new byte[ipAdressBytes.Length];
        for (int i = 0; i < broadcastAddress.Length; i++)
        {
            broadcastAddress[i] = (byte)(ipAdressBytes[i] | (subnetMaskBytes[i] ^ 255));
        }
        return new IPAddress(broadcastAddress);
    }

    public static IPAddress GetNetworkAddress(this IPAddress address, IPAddress subnetMask)
    {
        byte[] ipAdressBytes = address.GetAddressBytes();
        byte[] subnetMaskBytes = subnetMask.GetAddressBytes();

        if (ipAdressBytes.Length != subnetMaskBytes.Length)
            throw new ArgumentException("Lengths of IP address and subnet mask do not match.");

        byte[] broadcastAddress = new byte[ipAdressBytes.Length];
        for (int i = 0; i < broadcastAddress.Length; i++)
        {
            broadcastAddress[i] = (byte)(ipAdressBytes[i] & (subnetMaskBytes[i]));
        }
        return new IPAddress(broadcastAddress);
    }

    public static bool IsInSameSubnet(this IPAddress address2, IPAddress address, IPAddress subnetMask)
    {
        IPAddress network1 = address.GetNetworkAddress(subnetMask);
        IPAddress network2 = address2.GetNetworkAddress(subnetMask);

        return network1.Equals(network2);
    }
}