In order to reproduce this issue, you have to use the test project and web page that are available in the internal description.

Using the same find logic Test Studio locates two different elements:
-When we are executing the test step, it locates the wrong element; If we right-click the element in Elements Explorer and select Locate in Dom, it selects again the wrong element.  
-When we are in Live Edit, it verifies the right element. If we convert the step into coded step - it selects the right step. Another way to select the right element is to enable the SimulateRealTyping for the test step.  
This shows inconsistency in locating elements.