Hold Shift key and select all objects to be replaced.
Release Shift key, click a blank area, then click on object to replace with.
Observe all selected objects are replaced.
Note, the replacement occurs using the object’s axes. To see the object’s axes turn ON the Show Object Axes option in the Display Options palette. Use the Edit Object Axes tool to modify the location and orientation of the object’s axes before the replacement if desired. If you are using the Replace tool on Components then the replacement occurs using the component’s origin axes.