The Fine Woodworking article Jim referenced is totally obsolete with current electronics and not how I accomplished the project.
I wrote a Popular Woodworking article on how to do this, but I don't see how to insert a PDF file into this replay. If you'd like a copy, send me an email to wedlock@alum.mit.edu.
Today, you can get a solid state relay rated at 280V and 40A which should easily handle any home shop dust collector for about $20. You will just need to develop a control voltage of 4 to 30 VDC, probably with a small toroidal core and some simple rectifying circuitry. I will look into this.