Regular Counterepell says "see a person casting a spell..." So yes, you have to see the caster casting a spell. Subtle spell prevents this, you cannot counter.
Vecna's version: Vecna utters a dread word to interrupt a creature he can see that is casting a spell. Vecna had to see them and they have to be casting a spell, if both are true, he can dread Counterepell.
So he DOES NOT have to see the target casting, he just has to see the target. Subtle spell shouldn't stop it Otherwise, why word it differently?
And regardless, it completely FITS with Vecna to interpret the ability this way. He SHOULD be a nightmare to spellcasters, that's kind of his thing.