In favorites, you can save useful patterns and regular expressions. Unlike search history items, they will not be ousted by newer searches.

The favorite items can be selected from the same menu as search history items. You can add the current search to favorites (the pattern, the replacement, and the search modes will be saved).

You can also edit, reorder, or delete the favorites by choosing Manage favorites from the menu. Select an item to edit, then change its name, pattern, replacement, or search modes. Press Up and Down buttons to change the order of items in the menu. Press Delete to remove an item. The changes are not saved until you press the Save button.

Hotkey Action
Hotkeys in the Manage favorites dialog
Ctrl+Down/Ctrl+Up Move the selected item up or down
Delete Remove the selected item

This is a page from Aba Search and Replace help file.