Hola, lo mas cercano que conozco es como hace windows, se llama "strech", aca un codigo que creo me lo paso Leandro.
Option Explicit
Private Declare Function StretchBlt Lib "gdi32" (ByVal hDC As Long, ByVal X As Long, ByVal Y As Long, ByVal nWidth As Long, ByVal nHeight As Long, ByVal hSrcDC As Long, ByVal XSrc As Long, ByVal YSrc As Long, ByVal nSrcWidth As Long, ByVal nSrcHeight As Long, ByVal dwRop As Long) As Long
Private Declare Function SetStretchBltMode Lib "gdi32" (ByVal hDC As Long, ByVal nStretchMode As Long) As Long
Private Declare Function CreateCompatibleDC Lib "gdi32" (ByVal hDC As Long) As Long
Private Declare Function SelectObject Lib "gdi32" (ByVal hDC As Long, ByVal hObject As Long) As Long
Private Declare Function DeleteObject Lib "gdi32" (ByVal hObject As Long) As Long
Private Declare Function DeleteDC Lib "gdi32" (ByVal hDC As Long) As Long
' -----------------------------------------------------------------------------------
' \\ -- Adapta una Imagen manteniendo la relacion de aspecto como lo hace windows
' -----------------------------------------------------------------------------------
Public Function AdaptarImagen(ByVal pFormulario As Form, ByVal pImagen As StdPicture, ByVal Pic As Object)
Dim PLeft As Long, PTop As Long
Dim ReqWidth As Long, ReqHeight As Long
Dim HScale As Double, VScale As Double
Dim MyScale As Double
Dim ImgWidth As Long
Dim ImgHeight As Long
Dim SourceHDC As Long
Pic.ScaleMode = vbPixels
Pic.AutoRedraw = True
Pic.Cls
ImgWidth = pFormulario.ScaleX(pImagen.Width, vbHimetric, vbPixels)
ImgHeight = pFormulario.ScaleY(pImagen.Height, vbHimetric, vbPixels)
HScale = Pic.ScaleWidth / ImgWidth
VScale = Pic.ScaleHeight / ImgHeight
MyScale = IIf(VScale >= HScale, HScale, VScale)
ReqWidth = ImgWidth * MyScale
ReqHeight = ImgHeight * MyScale
PLeft = (Pic.ScaleWidth - ReqWidth) / 2
PTop = (Pic.ScaleHeight - ReqHeight) / 2
SourceHDC = CreateCompatibleDC(0)
DeleteObject SelectObject(SourceHDC, pImagen.Handle)
SetStretchBltMode Pic.hDC, vbPaletteModeNone
If pImagen.Type = 3 Then Pic.PaintPicture pImagen, PLeft, PTop, ReqWidth, ReqHeight Else _
StretchBlt Pic.hDC, PLeft, PTop, ReqWidth, ReqHeight, SourceHDC, 0, 0, ImgWidth, ImgHeight, vbSrcCopy
DeleteDC SourceHDC
End Function
Private Sub Command1_Click()
Call AdaptarImagen(Me, Picture1.Picture, Picture1)
End Sublo que hace es mantener la relacionde aspecto de ancho y alto y no la deforma y en el espacio que queda queda libre.

fijate si te sirve o le sirve a alguien.
saludos.