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When speaking with dispensationalists I generally exchange the word "replacement" with "transference." The apostle uses the term in 1 Cor. 4:6 with reference to the images of the field, the building, and the steward. Likewise the "elect nation" was the figure of greater blessings to come. The Christ-rejecting Jewish people sought to supplant the true heirs and claim the figure for themselves. Covenant theology faithfully transfers or applies the figure to its true referent --> our Lord Jesus Christ, and those united to Him by faith. There is no replacement, but simply a recognition of the true heirs of the promise.
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Yours sincerely,
"Illum oportet crescere me autem minui."
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