Sounds like your printer is a peer of your Mac on the network. Hey, that's how I like to set up my printers too.
Your Mac is finding that printer using a technology built into Mac OS called Bonjour. Your virtual machine might be able to use Bonjour too, but that depends on how it's connected to the network.
If you look in Fusion's Virtual Machine menu, the Network submenu will show how the virtual machine is connected. If you see Bridged there, that means that your virtual machine is also a peer of your Mac on the network, and also a peer of the printer. So Bonjour will just work! All you have to do is to install it in the virtual machine. Download Bonjour for Windows here:
http://www.apple.com/support/downloads/bonjourforwindows.html
(If your virtual machine is Linux, the equivalent Linux technology is Zeroconf.)
Anyway, if your virtual machine's network is in NAT or Host-only mode, Bonjour won't work. NAT mode puts your virtual machine behind a firewall, and host-only creates a private, isolated network betwen your Mac and your virtual machine. Road warriors use these mode a lot: NAT mode is perfect for hotel rooms and Starbucks, and host-only is perfect for airplanes.
To get printing working in NAT or host-only mode, more work is required. So you could consider moving your VM to Bridged mode, if you're not a road warrior. (If you change the network setting, be sure to tell the operating system inside the VM to release and renew its IP address, or else reboot.)
If you have to keep your VM in NAT or host-only mode, I suggest viewing the Printers training video, accessible from this page:
http://www.vmware.com/go/fusiontutorials
