You can use CRichEditCtrl.FindWordBreak which uses the EM_FINDWORDBREAK message. However, if you want to treat angle brackets "<>" as delimiters you will need to write some code to accomplish this.
Apparently you want to implement your own rules to parse the control's content. So the question is a bit unclear. It asks how to find words in a selection but expects the resulting word list to include words that are not fully included in the selection. If the selection begins in the middle of a word should that word also be included in the word list? Are opening and closing angle brackets required in order to receive delimiter treatment?
For further information refer to How to Use Word and Line Break Information. Note that although you can instruct the rich edit control to use your own custom word break procedure this technique is not recommended by MS.