We have an OOTB Function Alias pxReplace which can be used in Report Definition. It takes the input string and replaces the mentioned occurrences. Please find the image below. Just search for Replace in the function alias dropdown in Report Definition.
@Venkat, this issue is not in the scope of this thread so i would suggest you to raise a new post with more details about your use case as its different issue. By the way if the data is passed correctly then it will be auto parsed correctly in UI.