Yes, to preview the changes of the Replace action, follow these steps:
The File Search tab page of the Search dialog box appears (refer to the image, Search Dialog Box as listed below).
The dialog box lists the files to which the changes will be performed as a result of the replace action. You can preview each of the change and check or clear a file to accept or reject the change as required.
The Replace Text Matches dialog box is closed.
The changes as a result of the replace action are performed to the selected files.