int FoundAt, StartPos, ToEnd;

    StartPos=0;
    ToEnd = RichEdit1->Text.Length() - StartPos;

    RichEdit1->Visible=false;
    AA:
    FoundAt = RichEdit1->FindText(String("반전"), StartPos, ToEnd, TSearchTypes()<< stMatchCase);
    if (FoundAt != -1) {
       RichEdit1->SelStart = FoundAt;
       RichEdit1->SelLength = strlen("반전");
       RichEdit1->SelAttributes->Color = clRed;
       StartPos=FoundAt+1;
       goto AA;
    } else {
       RichEdit1->Visible=true;
       RichEdit1->SelStart=0;
       RichEdit1->SetFocus();
    }
위와 같이 하니 반전은 아니지만 색깔이 빨간색으로 바뀌는군요..