There is a C and .net API for editing .vrmat files that comes with the installation. Additionally you can edit and save existing materials using the V-Ray COM api, built-in the plugin, that is thru Rhino Python and Rhino Script.
Alternatively, there is a C++ api availabe if you download V-Ray AppSDK
Right no more scrounging code in forums for me, this has made me want to finally learn a scripting language. So to achieve this I can use RhinoPython or C(would that be C#?) because I am trying to make my decision on which one to learn. And even tho I am brand new to coding I am leaning to C# because long term it seems to be better and more versatile skill.