SOLVED by @Burngate. Turns out I am dumb and using an IR light separate from the camera causes the reflector to not be seen as the reflector reflects directly back.
The gist of it is that the Pi Noir v2 Camera can see the IR light but with an IR reflector in view it does not seem to be able to distinguish the reflector from the background environment.
I have tried illuminators in the 850nm and 940nm range. I also purchased a 850nm IR filter (effectively blocking out all visible light so the camera is only able to see IR) and it still cannot distinguish the reflector.
I am at a complete loss, any ideas?
EDIT for clarification on attempts
During my testing, the camera can see the IR light in both 850nm and 940nm wavelengths (ie. it does illuminate a dark room). In addition, shining both lights onto the camera shows that it can see the leds illuminated.
I also attempted to only allow IR light into the camera via a filter that only allows >850nm wavelength (ie. IR) light in. When using that, if the illuminators are off, the image shown is completely black, but once the illuminators are turned on the room is lit up, but the reflector is still not distinguishable.
When using another camera such as a Kinect v2 or Wyze security camera, the reflector is visible.