>There is, at least in Word 2007. Here a macro I just recorded:
>

>  Selection.Find.ClearFormatting
>  Selection.Find.Replacement.ClearFormatting
>
>  Selection.Find.Replacement.Highlight = True ' THIS!!!!!!
>
>    With Selection.Find
>        .Text = "king"
>        .Replacement.Text = "king"
>        .Forward = True
>        .Wrap = wdFindContinue
>        .Format = True
>        .MatchCase = False
>        .MatchWholeWord = True
>        .MatchWildcards = False
>        .MatchSoundsLike = False
>        .MatchAllWordForms = False
>    End With
>    Selection.Find.Execute Replace:=wdReplaceAll
>

Worked great in Word 2003.