Based on the fundamental theorem of projective geometry, it must be possible to take any projectively invariant property which can be described as a polynomial in the coordinates of the involved points and turn that into an expression in determinants of these homogeneous coordinates of these points instead. Using randomized evaluation of polynomial expressions, one can find valid combinations of relevant determinants and similar terms. I've used this technique before while formulating this question of mine, and now remembered to do it here as well.
The linear dependencies identified by my randomized evaluation look like this:
goal 1
[B,C,D] [A,C,D] (l,AB) 1
[B,C,D] [A,B,D] (l,AC) 1
[B,C,D] [A,B,C] (l,AD) 1
[A,C,D] [A,B,D] (l,BC) 1
[A,C,D] [A,B,C] (l,BD) 1
[A,B,D] [A,B,C] (l,CD) 1
<l,D> [B,C,D] (AB,AC) 1
<l,C> [B,C,D] (AB,AD) 1
<l,D> [A,C,D] (AB,BC) 1
<l,C> [A,C,D] (AB,BD) 1
<l,D> [A,B,C] (AB,CD) 1
<l,C> [A,B,D] (AB,CD) 1
<l,B> [A,C,D] (AB,CD) 1
<l,A> [B,C,D] (AB,CD) 1
<l,B> [B,C,D] (AC,AD) 1
<l,D> [A,B,D] (AC,BC) -1 -1 -1 -1 -1 -1
<l,D> [A,B,C] (AC,BD) 1
<l,C> [A,B,D] (AC,BD) 1 1 -1 -1 1 -1 -1 -1 -1
<l,B> [A,C,D] (AC,BD) 1
<l,A> [B,C,D] (AC,BD) 1
<l,B> [A,B,D] (AC,CD) -1 -1 1 1 -1 1 -1 1 -1
<l,D> [A,B,C] (AD,BC) 1
<l,C> [A,B,D] (AD,BC) 1 -1 1 1 -1 1 1 1 -1
<l,B> [A,C,D] (AD,BC) -1 -1 1 1 -1 -1 -1 1 -1 1
<l,A> [B,C,D] (AD,BC) 1
<l,C> [A,B,C] (AD,BD) 1 -1 1 1 1 1
<l,B> [A,B,C] (AD,CD) 1 1 -1 -1 1 -1 1 1 -1 1
<l,A> [A,C,D] (BC,BD) 1 1 -1 -1 1 1 -1 -1 -1 -1
<l,A> [A,B,D] (BC,CD) -1 1 -1 -1 -1 -1 -1 1 1
<l,A> [A,B,C] (BD,CD) -1 1 1 1 1
The first column contains a non-zero entry in the row titled goal, so ignoring that entry, the rest is a formula for the conic I'm after. The other columns are just fancy descriptions of the zero matrix. Adding any of these to the first column may lead to a simpler formula in some way.
Here is how to read the notation of the terms. The letters A, B, C and D are the four points defining the pencil of conics. The letter l gives the line at infinity, which is required to make this a projectively invariant concept. The square brackets like [A,B,C] are determinants. Angle brackets like <l,D> are scalar products. If homogeneous coordinates are formed using a one in the last coordinate, and the line at infinity is described as $[0:0:1]$, then these will be just one. (As the line at infinity might be spanned by two points, this is essentially like a three-point determinant as well.) Parentheses like (AB,CD) are matrices of degenerate conics. $A\times B$ is one line joining two of the given points, and $C\times D$ is the other. So $(A\times B)(C\times D)^T$ will be a rank one matrix describing this pair of lines. Adding its transppose makes the matrix symmetric without changing the quadratic form. (l,CD) is the same thing with the line at infinity taking the role of one of the lines connecting two points. (Since the matrix constitutes a quadratic form, plugging a point X into said form would turn (AB,CD) into [ABX][CDX], i.e. again a product of determinants.)
While this makes for a shorter formula than doing this at the coordinate level, the approach does convey little geometric intuition. But perhaps playing around with the space of possible formulas will allow someone to come up with a more elegant formula which can be interpreted geometrically again.