This invention relates to a transparent conductive coating that is substantially transparent to visible light and is designed to have a visible reflectance which more closely matches that the visible reflectance of the underlying substrate. In certain example embodiments, the transparent conductive multilayer coating includes a silver layer(s) and may be used as an electrode(s) in a capacitive touch panel so as to provide for an electrode(s) transparent to visible light but without much visibility due to the substantial matching visible reflection design.