To put it simply, and to actually exclude build paths from your search, you need to follow Frank’s answer point 1 and 2, then because there’s no suitable scope that actually exclude the build folder, simply do this:
Inside the “Find in Path” dialog (CTRL+SHIFT+F):
- tap the … to configure a scope
- click the + button, choose local scope
- give your new scope a name
- enter
!file:build//*in the pattern - tap OK and test your new scope

If you further want to have a scope for a single module, create a scope for your module (including recursively your module path), then add this at the beginning of your pattern:
!file:build//*&&
For example, a scope for 2 modules:
!file:build//*&&file[MODULE1_DIRECTORY_NAME]:*/||file[MODULE2_DIRECTORY_NAME]:*/
Only got the full answer reading Frank’s answer and post #7 from issue reported here: http://code.google.com/p/android/issues/detail?id=61488