Use the following filter named register
:
add_filter( 'register', 'wpse_96892_register_link' );
function wpse_96892_register_link( $link )
{
if ( is_user_logged_in() )
return $link;
return str_replace(
// search
array (
site_url('wp-login.php?action=register', 'login'),
__('Register')
),
// replacements
array (
site_url('/profile'),
__('Profile Page')
),
$link
);
}