Use Truecrypt to create an encrypted volume. (Possibly on a USB Key) (google 'TrueCrypt'
Store the password inside the encrypted volume. You will need to mount the volume in your userspace before the batch file will work.
If someone reads the batch file, they can see the location of the batch file, but not read the encrypted file itself (unless they have physical access to your machine, and are logged into your userspace, in which case all bets are off anyway.