It is, as you suspect, the code page - but not the code page used in display, it is the code page used on the COM connection.
In the manual it tells you that you have to specify the connection encoding in either php_ini directives or as parameters to the com object you create; otherwise straight ansi for the platform is the default. (also depends on php ver 4 or 5)
Now if you can do it in php_ini then do so, otherwise add the code page parameter to your com object call
$conn = new COM('ADODB.Connection',,CP_UTF8);
// or, I believe if my memory serves me
$conn = new COM('ADODB.Connection',,65001);
May have to tinker with that a bit