Format a JavaScript string using placeholders and an object of substitutions?

How about using ES6 template literals?

var a = "cat";
var b = "fat";
console.log(`my ${a} is ${b}`); //notice back-ticked string

More about template literals...

The requirements of the original question clearly couldn't benefit from string interpolation, as it seems like it's a runtime processing of arbitrary replacement keys.

However, if you just had to do string interpolation, you can use:

const str = `My name is ${replacements.name} and my age is ${replacements.age}.`

Note the backticks delimiting the string, they are required.

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For an answer suiting the particular OP's requirement, you could use String.prototype.replace() for the replacements.

The following code will handle all matches and not touch ones without a replacement (so long as your replacement values are all strings, if not, see below).

var replacements = {"%NAME%":"Mike","%AGE%":"26","%EVENT%":"20"},
    str = 'My Name is %NAME% and my age is %AGE%.';

str = str.replace(/%\w+%/g, function(all) {
   return replacements[all] || all;
});

jsFiddle.

If some of your replacements are not strings, be sure they exists in the object first. If you have a format like the example, i.e. wrapped in percentage signs, you can use the in operator to achieve this.

jsFiddle.

However, if your format doesn't have a special format, i.e. any string, and your replacements object doesn't have a null prototype, use Object.prototype.hasOwnProperty(), unless you can guarantee that none of your potential replaced substrings will clash with property names on the prototype.

jsFiddle.

Otherwise, if your replacement string was 'hasOwnProperty', you would get a resultant messed up string.

jsFiddle.

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As a side note, you should be called replacements an Object, not an Array.