If you have not embraced Teams in TFS you should take a look at them. This is a wonderful feature that makes grooming backlogs by team so easy.
Teams allow you to divide a TFS project up into products. From the TFS Control Panel in your web interface you can create a team:
I recommend you select Team Area. This will make the product backlog easier to use.
Once you have the Teams you want to assign Areas and Iterations to each team. This will give you different backlogs and sprints for each team. Select the new team in the control panel.
Create an Iteration for that team and set up the sprints/releases as children of the iteration you just created then assign them to the team by selecting them. Notice by the toolbar you must be in the control panel for this team.
Add Areas for the product under the teams area and select them for this team.
Now when you open the Web interface and select that team the backlog is filtered to only show work items for that team. It will only show this teams sprints and backlog items.
Change the view to the whole project and you will see everything for all teams again.
To switch between Teams the title bar of the TFS Web interface has a dropdown that shows the most frequently selected teams.
Select Browse all and you can switch to another teams view .
In my sample project I have many user stories, in various states.
When I switch to Fabrikam Fibers backlog. Everything is filtered for that team.
