$re = '/(\\\\?"(secretword1|secretword2)\\\\?":\\\\?")(.*?)(\\\\?")/i';
$str = '{"secretWord1":"private", "something": "\\"secretWord2\\":\\"privateToo\\"", "ssecretWord1":"private", }';
$subst = "\1*****\4";
$result = preg_replace($re, $subst, $str);
echo "The result of the substitution is ".$result;
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