I would highly suggest updating to TFS 2013. They've implemented agile portfolio management tools, with 7 levels of work items. It is currently in preview, but it is fully supported and "go-live".
Here's a good site outlining the new features
The 2012 alternative is to nest PBI's inside of PBI's, and manipulate area paths to simulate various levels (without creating custom work item types for epics/visions etc). I've implemented this solution before, but it can get rather confusing and there are some odd things that happen when nesting PBI's.
Also, if you just want to display status you can use SSRS to generate reports of the TFS warehouse (and/or cube). Depending on how your TFS Server is being used (multiple team project collections, multiple team projects), this has varying degrees of difficulty.
VS 2012 Reporting Services
Unfortunately, it is difficult to be more specific without more specific information.