need to compare 2 cells (and function) to 2 know values

Hello All,
I am not sure what would be the best way to solve my challenge, looking for direction here. Thank you in advance for your assistance.
I am trying to accomplish the following:
Sheet 2 has reference data "static", column A has part numbers (alphanumeric) and column B has revision information (alphanumeric and a ".") this combination consists of about 30 rows.
Sheet 1 has "fluid" data, once again column A has part numbers (alphanumeric), which all can be found somewhere in Sheet2 column A. In column B this information may or may not be found in column B of sheet 2.
Sheet 1 consists of 700+ rows
I am trying to achieve the following:
if in Sheet 1 I match both a cell in column A and a cell in column B, then I know that me revision is up to date.
Example Sheet1:A1 and Sheet1:B1 matches Any Sheet2:A1-A30 and Sheet2:B1:B30 but it must match Ax and Bx of sheet 2, it can not match Ax and By of sheet 2 for example.
If in sheet 1 I match column A (which it will match one of the 30 columns in sheet 2) but there is no match in column B of sheet 2 I want to either turn that cell red in sheet 1 or in column C of sheet 1 add some text like, "Not up to latest revision"

I have the following that worked BUT to the best of my knowledge I would need to use ELSEIF for each of my 30 rows on sheet 2 and then modify the code for to operate on each of my 700+ rows on sheet 1, way too much work and too many line that I could make and error.

Sample of just matching column A and B from sheet 1 to column A and B to sheet 2:
Sub Test()
If Sheets("Sheet1").Range("A1") = Sheets("Sheet2").Range("A1") And Sheets("Sheet1").Range("B1") = Sheets("Sheet2").Range("B1") Then
Sheets("Sheet1").Range("C1") = "Up to latest revision"
ElseIf Sheets("Sheet1").Range("A2") = Sheets("Sheet2").Range("A2") And Sheets("Sheet1").Range("B2") = Sheets("Sheet2").Range("B2")
Sheets("Sheet1").Range("C1") = "Up to latest revision"
Else
Sheets("Sheet1").Range("C1") = "Not up to latest revision"
End If
End Sub

I know WHAT I need to DO, I just do not know how to do it efficiently.

Thank you for taking the time to get to read through to the end.

Kindest regards,
frank

could you send a sample?

Thank you for your response

A small sample of my Sheet2, column A and B (reference data)
EG0300FCSPH HPD3
EG0300JEHLV HPD3
EG0600FCSPL HPD0
EG0600FCVBK HPD9
EG0600JEHMA HPD3 Latest revision for this part number
EG0600JEMCV HPD4
EG1200JEHMC HPD3
EG1200JEMDA HPD3
MB6000FEDAU HPD2

A small sample of my Sheet1 column A and B (data that I need to match against reference data above and if there is a match then my part is up to date)
EG0600JEHMA HPD3 This part is up to date as it matches both the part number and revision from above
EG1200JEHMC HPD3
EG0600JEHMA HPD3
EG1200JEHMC HPD3
EG0600JEHMA HPD2 This part is NOT up to date as it matches the part number but revision is not a match from the above reference data
EG1200JEHMC HPD3
EG0600JEHMA HPD3
EG1200JEHMC HPD3
EG0600JEHMA HPD3
EG1200JEHMC HPD2
EG0600JEHMA HPD2
EG1200JEHMC HPD2
EG0600JEHMA HPD3
EG1200JEHMC HPD3

Is this what you were looking for? I did not try to implement any entire checking process, just the short explanation that I tested above with the if and elseif statements.

Thank you for taking the time