Before the introduction of the starter immobilization relay, there are two starter relays on the car, any car. The first one is the ignition switch. The second one is the starter solenoid.
if you e34 has a starter immobilization relay(associated with EWS), it is located to the left of the driver side footwell below the hood release lever. EWS is introduced in the early 90's I think. My 95 525 had EWS-I. EWS-II was introduced in 1/95 I think.
'01 540it, 6/01
'03 325i 5 speed, 9/02
'10 535ix. 9/09
'10 mini 6 speed
'15 mini countryman 6 speed