$re = '/<[^>]*\KREPLACE_ME(?=[^>]*>)/m';
$str = '<div class="REPLACE_ME" id="my_id">this REPLACE_ME cannot be replaced</div>
<REPLACE_ME>this REPLACE_ME cannot be replaced</REPLACE_ME>
<div REPLACE_ME="my_attribute">this REPLACE_ME cannot be replaced</div>';
$subst = "REPLACED";
$result = preg_replace($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