You have to assign the left side of the comparison to a field name with annotate. At least I'm not aware of another way, except falling back to raw SQL.
Assuming VALUE in your example is just a variable:
T.objects.annotate(field_replaced=F('field'), Value('-'), Value(' '), function='replace')).filter(field_replaced=Func(Value('my_value'), Value('-'), Value(' '), function='replace'))
This results in a query like this:
SELECT "T"."id", "T"."field", replace("T"."field", '-', ' ') AS "field_replaced" FROM "T" WHERE replace("T"."field", '-', ' ') = (replace('my_value', '-', ' '))
Hope that helps!
Daniel