Park the play head somewhere on the clip.
Hit "f" on the keyboard. This will bring the clip into the Source window.
Right click on the clip in the Source window and see if Reveal in Project is accesible there.
Oh I think I figured out what the problem is. It will not reveal in project if the clip is synced to an audio file, or if the audio file is synced to a video file. It will only reveal in project, if the file is not synced. Does that sound right?