It's complicated
Not really, but it takes some getting used to. You'll need to use your radar (the large round display right in front of you). It shows all the ships and other objects around you. The display is actually 3d, which you only get to appreciate in VR, so you'll have to use the lines connecting the radar targets to the display plane as a guide.
I guess you found out about the colour coding (red/white/green IIRC in the default colour scheme), shape (squares are harmless, triangles can be dangerous) and outlines (filled are NPCs, hollow are players) by now.
As for picking your target - again, several options, a lot of which can be bound to keys. Since I play in VR with a HOTAS, I have bound [target in front] - [next target] - [previous target] - [highest threat] to one of the hat switches. Looking at a target (that's the VR part) highlights it, then pressing [target in front] selects it.
Another option is to go to your left hand panel, skip to the targets tab and select it from the list. Tedious, but sometimes hard to avoid if you want to target that pesky fighter that manages to stick to your back.
As for locating after it's been targeted, you'll need to check the radar, and possibly look around. If you don't want to go VR, a head tracker or eye tracker definitely helps there.