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You can now use Google search to find SVG documents. SVG is an open, XML-based format for vector graphics with support for interactive elements. We’re big fans of open standards, and our mission is to organize the world’s information, so indexing SVG is a natural step.
We index SVG content whether it is in a standalone file or embedded directly in HTML. The web is big, so it may take some time before we crawl and index most SVG files, but as of today you may start seeing them in your search results.
They do indeed index the text itself.
For proof, check out this site: http://svg.nicubunu.ro/
If you search for the relevant strings, the site shows in the search rankings. I do not know how long it takes to index a new .svg page or element.