- var_dump: documentation ( source)
- preg_replace: documentation ( source)
<?php
$current_value = preg_replace('#<(password)(?:[^>]+)?>.*?</\1>#s', '<password>REDACTED</password>', "'password' => 'r7d?=43uOk'");
$current_value = preg_replace('#([pP])assword => ([^$]+)#s', "$1assword => REDACTED", $current_value);
$current_value = preg_replace('#([pP])assword":"([^"]+)"#s', '$1assword":"REDACTED"', $current_value);
var_dump($current_value);