Just in case this helps someone, the issue was I had selected all my tables in my sde database. Initially, I too had a couple of views that were selected, so I removed these. I still encountered the mysterious error. My selection also included the SDE Compress Log table, which after removing the table from the selection I was able to create a replica. Apparently this table can't be part of a replica.
TLDR: don't try to create a replica with the table SDE_compresss_log
Check the list of feature classes and tables that are being replicated, if the names aren't identical in source and destination, then you probably have a feature class included from the source that is not in the destination GDB. The create wizard is then trying to replicate two different source feature classes to the same destination feature class. In my case I had checked replicate existing data only, and was getting the error item name already exists & item not found. When I checked the list I found parcels & streets were being created twice from two different source feature classes.