use standard'\' to denote special character..
something like this for your case.
sed '/^\/\/#/s/\/\// /g' test_sed
replace all the pattern of "//" with " " in those lines which starts with "\\#" .
sed '/^\/\/#/s/\/\// /g' test_sed
replace all the pattern of "//" with " " in those lines which starts with "\\#" .