This thread is nearly a year old but I'd like to post a follow-up for any others that stumble upon this. And the following applies to SRA 2.0.1 32bit version that works for SRM 5.0
It appears the Include and Exclude lists work primarily by looking at a string value that matches that string in your volume names and not necessarily only the actual name of the volume. For example, if you add "TEST_VOL" to the exclusion list and you have two volumes named "TEST_VOL" and "TEST_VOL_sm", it will exclude both of those. You may not want it to do that, but my experience shows that that's how it works and you can't use quotes in your text because it won't allow those characters to get around the problem. I've also finally realized that using the Include list, does narrow down the volumes that the SRA looks at but not entirely. Below is an example of my Include and Exclude lists:
Hope this helps anyone else that is uber-confused by this setup. I can say for sure, the 1.4 SRA with SRM 4.x was much simpler!