Execute string (Containing variables in a string) in a IF condition

I am writing a PHP library in which i want to create a dynamic string which execute in a IF statement. Below is the scenario.

Controller Code

$config = [
    'option' => [
        'exclude' => [
            'system_account' => 1,
            'postable_account' => 0
        ]
    ]
];

$drop_down_generator = new DropDownOptionsGenerator($config);
$drop_down_generator->generateMarkup($result);

Library Code

$exclude = $this->config['option']['exclude'];
$exclude_condition = '';
if (!empty($exclude)) {
    //Generating IF Statemnet Condition String. Multiple Condtions can be sent from the Controller
    foreach ($exclude as $key => $condition_value) {
        $exclude_condition .= (empty($exclude_condition)) ? '$row->' . $key . ' == "' . $condition_value . '"' : ' && $row->' . $key . ' == "' . $condition_value . '"';
    }
}

foreach ($data as $key => $row) {
    // Here is the Problem, As you can see below the output of the $exclude_condition variable containing $row variable
    // which is not executing in the "IF" statement
    // Output of $exclude_statement => $row->system_account == "1" && $row->postable_account == "0"
    if (! $exclude_condition) {
        $output .= sprintf($this->option_format, $row->$value, '', $row->$label);
    }
}

In short Words: How can i execute string which contains multiple variables in IF Condition ?

OR

Suggest me another best solution to solve my Problem.