Not sure what you are trying to accomplish but an idea from the top of my head
would be to check the text.Position or text.AlignmentPoint or text in the drawing against your test point.
Quick example:
BlockTable table = (BlockTable)transaction.GetObject(database.BlockTableId, OpenMode.ForRead);
BlockTableRecord btr = (BlockTableRecord)transaction.GetObject(table[BlockTableRecord.ModelSpace], OpenMode.ForRead);
foreach (ObjectId oid in btr)
{
if (oid.ObjectClass.DxfName == "TEXT")
{
DBText dbt = (DBText)transaction.GetObject(oid, OpenMode.ForRead);
if (dbt.Position == testpoint)
{
Do your work here...........
}
}
}