I have found my solution. Added notes to help others.
By default, Windows Firewall blocks port 135 (used to establish communication with this connection). As soon as I opened this port, I was still having problems.
After a handshake, a dynamic port between 1024-65535 is used for communication. Windows Firewall will also block this, if not allowed.
Since my operations were purely internal, I created a permission rule for all 10.1.10.0/24 IP addresses for this port range.
You can also configure this DCOM to have a static port of your choice and set a firewall rule for that port.
Further information here: http://mvolo.com/connecting-to-iis-70-configuration-remotely-with-microsoftwebadministration/
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