I assume you mean installed applications that can be found in Add/Remove Programs and standalone executables.
Have a look at the following article that explains how to get a list of installed applications. There is more info then just the name (as shown in the screenshot). You can check if the executable is in one of the directories of one of those entries to check if it is an installed application.
How to get a list of installed applications[
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It could be that the uninstall location in the registry isn't the actual location of the application itself, so you have to keep that in mind. For windows installer support on this you could dive into the Installed Applications Classes. I don't have any experience with that so cannot help you with this but maybe it isn't that hard and you can figure it out yourself quite easily.
http://msdn.microsoft.com/en-us/library/aa390887%28v=vs.85%29.aspx[
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Good luck!