You are probably compiling TPropertyEditor into a package marked only by runtime.
The best solution is to create two packages, one of which contains only the component code and which is marked as a runtime package, and the other, marked as development time, requires your previous runtime and contains TPropertyEditor.
In addition, you can compile a single package, but mark the package as runtime and development time.
For a simple example of how it is presented, see the article here:
http://blogs.embarcadero.com/nickhodges/2010/01/06/39345
and the code that it refers to is here:
http://sourceforge.net/projects/tsmiley/
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