I am not that familiar with the E34. In my E32 it is in the e-box on the right of engine room. But yoy can find that out here in the wiring diagrams under power distribution where all relais are shown
http://shark.armchair.mb.ca/~dave/BMW/e34/
Also what each fuse is for.
I once had it that my aux fan only ran on low. Just had to change the relaiy and all was o.k.
On my car the connection of the switch is at the right side of the radiator. I removed that plug and bridged the 3 pin connector and it ran for a test on low and high, depending how I connected the pins.
Or maybe someone with better knowledge on the E34 can chime in.