I found that no matter what I did on MacOS wrt to having the path point to /usr/local/bin which is where the node executable is located, I could not avoid getting the message above after starting eclipse and attempting to click on a menu entry. After reading the source code, what I found worked was to add a line to the eclipse.ini in the Eclipse.app/Contents/Eclipse folder that specified the path as follows:
-Dorg.eclipse.wildwebdeveloper.nodeJSLocation=/usr/local/bin/node
Note this reflects the path and executable file name (node). Others have suggested creating a symbolic link but that did not work for me.