How to highlight cells based on another cell's value in Excel 2011
You need to use a rule with a formula to determine the format. Select the column of data, and assuming the top cell in the selection is A1, create a new conditional format with a formula and enter

=iserror(match(A1,$Z$1:$Z$1000,0))


Note that there are no $ signs around the A1 reference! Then select a format and apply this conditional format to A1:A1000.

Explanation:


The Match() function tries to find the value of cell A1 in the range Z1:Z1000.
If there is a match, the function will return a number. If there is no match, the function will return an error.
The outer ISError() function will return TRUE if the Match returns an error and the conditional format will be applied.


By not using $ signs, the conditional format can be applied to a whole range in column A and will always evaluate the current row.

Say your values are in column B and start in B3, you would need to select cell B3 and enterB3 instead of A1 into the formula.

Here is a screenshot of a data sample where the conditional format is applied to column A, checking column C for matching values anywhere in C2 to C11, not just on the same row.