$re = '/`[^`]*`|\{@link\s+([^}\s|]+)(?:\s*\|?\s*([^}]*))*?\s*\}/u';
$str = '\'Simple link: {@link BIND/bindExec} test\',
\'description: {@link fooFunction description text}\',
\'pipe: {@link spaced | test}\',
\'ignored:`{@link IGNORE}` in code sample. {@link allowed} `not {@link IGNORE2} here`\',
\'unspaced pipe: {@link unspaced|test}\',
\'accidental pipe: {@link damaged1| }\',
\'unspaced accidental pipe: {@link damaged2|}\',
\'Multiple links: {@link foo} and {@link bar description} and {@link baz | text}\',
\'Complex: {@link module:path/to/thing~method } {@link Class#method some text} {@link external:jQuery.fn.prop} text {@link adafa|fasdfsaf}\'';
preg_match_all($re, $str, $matches, PREG_SET_ORDER, 0);
// Print the entire match result
var_dump($matches);
Please keep in mind that these code samples are automatically generated and are not guaranteed to work. If you find any syntax errors, feel free to submit a bug report. For a full regex reference for PHP, please visit: http://php.net/manual/en/ref.pcre.php