Yes, you define the compiler constants for the website project in the web.config file, as shown below. Please note that the comment must be completely enclosed in the line #if ... # end if construct. Otherwise, you are commenting on #end if.
<system.codedom>
<compilers>
<compiler language="c#;cs;csharp" extension=".cs" type="Microsoft.CSharp.CSharpCodeProvider,System, Version=2.0.0.0, Culture=neutral, PublicKeyToken=b77a5c561934e089" warningLevel="4">
<providerOption name="CompilerVersion" value="v3.5"/>
<providerOption name="WarnAsError" value="false"/>
</compiler>
<compiler compilerOptions="/d:DEBUG,TRACE,DEBUG_SURVEYCODE,GPT,TRACE_ARGS,TRACE_ARGS_OUTPUT,TRACE_FILES,DEBUG_USER" language="vb;vbs;visualbasic;vbscript" extension=".vb" type="Microsoft.VisualBasic.VBCodeProvider, System, Version=2.0.0.0, Culture=neutral, PublicKeyToken=b77a5c561934e089"/>
</compilers>
</system.codedom>
<% #if TRACE_ARGS_OUTPUT %>
<% #end if %>
<% #if TRACE_ARGS_OUTPUT = FALSE %>
<% #end if %>
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