You have 2 knock sensors. One on each side of the engine. Both shud be covered by a shield. I think they are right above the pan mating surface.
If you have to change them it will require draining the engine of coolant, unless your real fast.
Have you tried to pull any codes as yet. It would be a good idea to see if any DTC"S are stored before replacing any parts.
There is also knock sensor module in the ecm. Not positive about this, but I think it is the same as my 95. You may want to check the wiring to the sensors also.
Try this website for info re: pulling codes . You shud have the 16 pin DLC in your 94.
www.c4vettes.com