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In a web browser (from any machine on your network) you can navigate to http://hostname-of-vray-license-server:30304 note. This is also a good way to test if other machines will be able to obtain V-Ray licences from the licence server over the network.
In the start menu under Chaos group/V-Ray for Max-Maya etc/ click ‘Change licence settings’ and enter the hostname or IP-Address of the machine that your V-Ray dongle is connected to.
Upgrading your licence server to the current version is mandatory for use with 2016 licences. Please see this link for more.