I came up with something similar to what you are looking for. I played around with the Textbox, and I found that you can add "Glow" which can be formatted to look similar to Word highlighting. The way that I did this was as follows:
- Add text box: Format-->Insert Shapes-->Insert Text Box
- Format Text Box: Select the text box-->Format-->WordArt Styles-->Format Text Effects:Text Box (Dialog Box)-->Text Options-->Text Effects-->Glow. I set the color to Yellow and the transparency to 0%.