give this a try
$Original_File = gc 'C:\Jobs\Powershell\Pinger\Other_PingList.ini'
$PingList= gc 'C:\Jobs\Powershell\pinglist.txt'
Foreach ($item in $pingList)
{
If ($Original_File -match $item )
{
Write-Host "Servers $item Present In File - Carrying on"
}
Else
{
Write-Host "Servers $item Not Present In File - Terminating"
}
}