I used the macro recorder to see how/where Excel uses the sheet name.
Give this a try...
Code:
Sub createHyperlinks_2()
'
' Macro to create hyperlinks
'
'
Dim tocText As String ' variable to hold text to appear in table of contents
Dim sh As String ' holds name of worksheet to be linked to
Dim selectedCell As Range ' holds cell reference of cell I want to be linked to
sh = ActiveSheet.Name
Set selectedCell = ActiveCell
tocText = ActiveCell.Text
Sheets("Table of Contents").Select
ActiveSheet.Hyperlinks.Add Anchor:=Selection, Address:="", _
SubAddress:=sh & "!" & selectedCell.Address, TextToDisplay:=tocText
End Sub