Are you looking for
a) the formula string: *'Pay Day'!$B$32 or
b) the value: ='Pay Day'!$B$32 ?

If it's the string:
Install the MoreFunc (Add-in functions) --- http://longre.free.fr/english/
Use the function =FORMULATEXT(..) and find RIGHT(..,16)

If it's the value: Conditional Format just change Condition 1 'Cell Value
Is' to ' Formula Is'

Ola Sandstrom