At the moment, the only model matching option for MSFS is to use the stock aircraft to render other pilots. In other words, and to more directly answer @Faiz-ur Rahman's question, no additional setup is required in the sim in order to see other traffic. For FSX, Prepar3D, and X-Plane there are packages of stock models you can get (for free) that offer a much better depiction of other aircraft on the network. That's not yet available for MSFS but I'm sure something will appear in the coming months.
I wrote a guide for connecting to VATSIM for MSFS pilots here. This is just one of several r