Yes your fuel pump relay is in the center console.
They can be silver, green, or red.
The fuel pump noise you describe is a common symptom of the in-tank (feed) pump failing- or just not running because of a relay failure. However, I don't believe the main pump will run at all unless the first relay (the one that also runs the in-tank pump) turns on.

You have to remember that the Turbo has fuel injection from an earlier family of Bosch systems. Nothing wrong with that, but you should realize it's different from a "normal" '84. By 1984 the base engine had progressed to a different, more modern system with a more accurate air-measurement device. The Turbo models were already scheduled for departure and Volvo wasn't spending any more money on developing injection systems, so it kept the old system.
A lot of this info is in the Haynes manuals, most in the Appendix sections in back. So a lot of the features common to all the later cars like that fuese holder, don't appear on yours.
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Rob Bareiss, New London CT ::: 86 244DL, 87 244DL, 88 744GLE, 91 244: 808K total