I have the same question but the answer given by Dennis_Knutson wasn't exactly clear. Can you break out the explanation with more details?
I have a few subvi's that used in a few dozen places in my application that i would like to replace with updated versions that have a different name.
Here's how I've approached such things, there may be a better way.
1. With your project and any calling vi's open (to make sure linkages get updated), rename your old subvi to have the name of the new subvi.
2. Shutdown LabVIEW entirely.
3. Behind LabVIEW's back, rename or move the old subvi so it can't be found. Place the new subvi of the same name in a location next to one of its callers where it *can* be found.
4. Re-open LabVIEW, your project, and any calling vi's. You may get prompted once to locate the new subvi, after that the project and all its callers should update their links.
5. Save callers and project.
You can select the VI you want to replace and copy it.
"Ctrl-f" and then select object and search for it.
Once you find it there is an option to replace.
It should allow replacing one with another.
Try it out!
Better way found. Thanks Ben!