ostap
можно TextBox-ом...

Это в модуль.

Public Declare Function SendMessage Lib "user32" Alias "SendMessageA" (ByVal hwnd As Long, ByVal wMsg As Long, ByVal wParam As Long, lParam As Any) As Long

Это в форму


Option Explicit
Const EM_GETLINECOUNT = &HBA
Private Sub Form_Load()
Dim i As Long, j As Long
With flx
.WordWrap = True
.Rows = 10
.Cols = 3
For i = 0 To 9
For j = 0 To 2
.TextMatrix(i, j) = "dfhjgkljhfg" & vbCrLf & "dfhefgjghjfgjk"
Next
AdjustRowHeight flx, i
Next
End With
End Sub
Private Sub AdjustRowHeight(flx As MSHFlexGrid, ByVal i As Long)
Dim j As Long
Dim lngHeight As Long, lngLinesOfText As Long
If flx.RowHeightMin Then flx.RowHeight(i) = flx.RowHeightMin
For j = 1 To flx.Cols - 1
flx.Col = j
Text1.Width = Abs(flx.CellWidth)
Text1.Text = flx.Text
' высота строки
lngHeight = Me.TextHeight(Text1.Text)
lngLinesOfText = SendMessage(Text1.hwnd, EM_GETLINECOUNT, 0&, 0&)
If flx.RowHeight(i) < lngLinesOfText * lngHeight Then
flx.RowHeight(i) = lngLinesOfText * lngHeight + 50
End If
Next j
End Sub