Are you familiar with the 2 methods defined under the ComponentOccurrence object for replacing the component? They are Replace & Replace2. So within your iLogic rule, once you've found the ComponentOccurrence you are targeting, and have stored it as the value of a variable (like oOcc), then you can use one of these methods like oOcc.Replace("FullFileName of Replacement document", True or False).
If you need a complete working iLogic rule which includes this method, we would need to know the component's name (as it is shown in the model browser), and the full file name (path, name, & file extension) of the other document you want to replace this one with, so we can fill out those 'input variables' that the method asks for, and whether or not to replace just that one occurrence, or all occurrences of it.
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Wesley Crihfield

(Not an Autodesk Employee)