On deleting some fields I can see the references of those fields in classes/pages that are being used. However I don't see which reports/templates the field is being referenced in. Where exactly can I find the complete salesforce metadata and search for it? or is there any other way that I could find the field references. Any help is much appreciated. Thanks!
Create a project in eclipse and pull all metadata including reports ,email templates and so on .Do a CRTL+H with the field search name and you will be able to find the references of field .
Procedure remains same with any other IDE like mavensmate ,etc .
The above will help you to dig in detail and if you need something very quick ,use below appexchange which is free