You'll likely find it:
* Integrated into the distributor: In some 1994 Ranger configurations, the ignition module was integrated *inside* the distributor. In this case, you won't see a separate module; the entire distributor is the unit. Replacing it often means replacing the whole distributor.
* As a separate, small box: On other models it might be a small, black or dark-colored rectangular box, often attached to or near the distributor or coil pack, possibly bolted to a bracket or the firewall. It will have several wires connected to it. It might have some identifying markings or Ford part numbers.
To know for certain, you'd need to:
1. Consult a repair manual specific to your 1994 Ford Ranger's engine: This will show you exactly where the ignition module is located and what it looks like for your particular vehicle.
2. Search online using your engine size and "1994 Ford Ranger ignition module location": Images from forums or parts websites might show you what to expect.
Don't assume it looks like a specific thing. The best approach is to consult the resources above to be sure.