Interesting. I just found an article in Toad for SQL Server Community that seems to indicate this functionality is present. However, I cannot find it in my version (XPert Edition, 188.8.131.52 32-bit):
This article was written 1 August 2013, and last edited 27 October 2017. It includes the following:
Select Tools | Object Search (F4) to invoke the tool.
I have no such option in my Tools menu item. In addition, I had asked about Object Search in an online Chat session, prior to posting my question. The Quest employee who handled my question could not find this feature. Was it removed from later versions of TOAD for SQL Server, or does one need a different version than XPert Edition?