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->nid);
// ...
// Render the node.
$build = node_view($node, 'search_index');
unset($build['#theme']);
$node->rendered = drupal_render($build);
$text = '<h1>' . check_plain($node->title) . '</h1>' . $node->rendered;
// ...
// Update index
search_index($node->nid, 'node', $text);
Similar code is present in _node_index_node()
for Drupal 6.
$node = node_load($node->nid);
// ...
// Build the node body.
$node->build_mode = NODE_BUILD_SEARCH_INDEX;
$node = node_build_content($node, FALSE, FALSE);
$node->body = drupal_render($node->content);
$text = '<h1>' . check_plain($node->title) . '</h1>' . $node->body;
// ...
// Update index
search_index($node->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].