Here is a way to parse HTML string using DOM in JS and perform replacements only outside of tags:
var s = '55 2 >= 1 2 > 1';
var doc = document.createDocumentFragment();
var wrapper = document.createElement('myelt');
wrapper.innerHTML = s;
doc.appendChild( wrapper );
function textNodesUnder(el){
var n, walk=document.createTreeWalker(el,NodeFilter.SHOW_TEXT,null,false);
while(n=walk.nextNode())
{
if (n.parentNode.nodeName.toLowerCase() === 'myelt')
n.nodeValue = n.nodeValue.replace(/>=?/g, "EQUAL");
}
return el.firstChild.innerHTML;
}
var res = textNodesUnder(doc);
console.log(res);
alert(res);