To see the extent of a saved view in MicroStation V8i, toggle on Show Saved View Boundary in the Saved Views settings box. You must have Constructions toggled on in View Attributes to see the saved view boundary.
One option for updating the location and/or position of a saved view is to use Element Selection to move the boundary or modify the boundary by selecting and dragging the boundary handles.
This is another way to change the area encompassed by a saved view without having to delete and re-save it (in addition to Update Saved View Settings).