Agent Ransack doesn't have the location filter functionality but with FileLocator Pro you can exclude search paths based on expressions, e.g. to exclude any path with .svn in it:
Look In: C:\My\Source\Code;-.svn
The '-.svn' will exclude any location that has .svn in it. Similarly you can limit a search to paths that only contain a given term, e.g. to only include paths with security in the name
Look In: C:\My\Source\Code;+security
You can also use expression types with the location filters, e.g. using a Boolean expression to exclude either Debug or Release folders
Look In: C:\My\Source\Code;-:bool:debug OR release
or, using a regular expression to exclude anything with a number
Look In: C:\My\Source\Code;-:regex:[0-9]
Finally, you can combine multiple filters, e.g. to include all security folders but exclude archive folders
Look In: C:\My\Source\Code;+security;-archive