Is it possible that search could index token content?
The search index includes the content of the nodes after they are rendered.  

node_update_index() is an implementation of hook_update_index(), the hook that is invoked when the search index needs to be updated; it calls _node_index_node() which contains the following code.

  $node = node_load($node-&gt;nid);

  // ...

  // Render the node.
  $build = node_view($node, 'search_index');
  unset($build['#theme']);
  $node-&gt;rendered = drupal_render($build);

  $text = '&lt;h1&gt;' . check_plain($node-&gt;title) . '&lt;/h1&gt;' . $node-&gt;rendered;

  // ...

  // Update index
  search_index($node-&gt;nid, 'node', $text);


Similar code is present in _node_index_node() for Drupal 6.

  $node = node_load($node-&gt;nid);

  // ...

  // Build the node body.
  $node-&gt;build_mode = NODE_BUILD_SEARCH_INDEX;
  $node = node_build_content($node, FALSE, FALSE);
  $node-&gt;body = drupal_render($node-&gt;content);

  $text = '&lt;h1&gt;' . check_plain($node-&gt;title) . '&lt;/h1&gt;' . $node-&gt;body;

  // ...

  // Update index
  search_index($node-&gt;nid, 'node', $text);


In your case, if the node body contains a token such as [global:test], whose content is test, the search index will contain test, not [global:test].