The Collaborative International Dictionary of English v.0.48:

Delusive \De*lu"sive\, a. [See Delude.]
   Apt or fitted to delude; tending to mislead the mind;
   deceptive; beguiling; delusory; as, delusive arts; a delusive
   dream.
   [1913 Webster]

         Delusive and unsubstantial ideas.        --Whewell.
   -- De*lu"sive*ly, adv. -- De*lu"sive*ness, n.
   [1913 Webster]

WordNet (r) 3.0 (2006):

delusive
    adj 1: inappropriate to reality or facts; "delusive faith in a
           wonder drug"; "delusive expectations"; "false hopes"
           [syn: delusive, false]

Moby Thesaurus II by Grady Ward, 1.0:

95 Moby Thesaurus words for "delusive":
   Barmecidal, Barmecide, aberrant, abroad, adrift, airy, all abroad,
   all off, all wrong, amiss, apparent, apparitional, askew, astray,
   at fault, autistic, awry, beguiling, beside the mark, catchy,
   chimeric, chimerical, corrupt, deceiving, deceptive, defective,
   deluding, delusional, delusionary, delusory, dereistic, deviant,
   deviational, deviative, distorted, dreamlike, dreamy, dubious,
   errant, erring, erroneous, fallacious, false, fanciful, fantastic,
   faultful, faulty, fishy, flawed, hallucinatory, heretical,
   heterodox, illogical, illusional, illusionary, illusive, illusory,
   imaginary, misleading, not right, not true, off, off the track,
   ostensible, out, peccant, perverse, perverted, phantasmagoric,
   phantasmal, phantom, questionable, quixotic, seeming,
   self-contradictory, self-deceptive, self-deluding, specious,
   spectral, straying, supposititious, trickish, tricksy, tricky,
   unactual, unfactual, unfounded, unorthodox, unproved, unreal,
   unsubstantial, untrue, visionary, wide, wrong