Is it possible to make Windows 10 show symbolic links with a different icon in Explorer?

Sorry about the bad answer before.

You can either right click the symbolic link (this may have not been an option in previous versions of windows) and open Properties > Customize > Change Icon...

or

Create a desktop.ini file in the folder the symbolic link opens and add in the following:

[.ShellClassInfo]
IconResource=C:WindowsSystem32imageres.dll,137

You can get the number doing the first option on a local folder and copying it's desktop.ini. Got the info from here: https://superuser.com/a/687031/986631

I know this post is old but here is a solution I found. Their may be an easier/better way but it has worked for me. You will need to change the CreateShortcut, TargetPath, and IconLocation. Icon numbers start with 0 and count going from top to bottom. It may not show the icon right away but you will be able to at least change it once created.

$Shell = New-Object -ComObject ("WScript.Shell")
$Favorite = $Shell.CreateShortcut("C:Users$env:usernameAppDataRoamingMicrosoftWindowsNetwork` ShortcutsTest.lnk")
$Favorite.TargetPath = "\serverdirectory";
$Favorite.IconLocation = "%SystemRoot%system32imageres.dll,8"
$Favorite.Save()

Natively, no, there does not appear to be a way to do it.

But you can with an Explorer shell extension, such as Link Shell Extension.