You can insert location marks on symbols that are identified with location code in text form. Location mark symbols are block inserts with block names that begin with "WDXX". Default symbols are included in the AutoCAD Electrical toolset symbol library (ex: in JIC1 subdirectory). You can edit the symbol appearance by just calling up in AutoCAD and modifying to suit. You can substitute "smart" geometric symbols for text "location" code values. The location text is hidden and replaced by a geometric shape. They are smart in that they update if the underlying component location code changes.
If you try to insert a location mark symbol on a component with a blank location code, you are prompted to enter the location code before selecting a marker. Once you insert a location code, a location mark symbol can be associated to it and the component.