Instead of searching for an object, you can directly interpret the interpreter using "dot notation" (available from R2014b), as in the following MWE:
wb = waitbar(0/10,'My_waitbar_string_with_underscores'); wb.Children.Title.Interpreter = 'none'; for i = 1:10 waitbar(i/10,wb,'My_waitbar_string_with_underscores'); pause(1); end delete(wb);
What changes the interpreter for the name of the axis, which is placed inside the message panel.
Please note that if you use the Cancel button in the waiting panel, the number of children of the object changes, and you may need to change
wb.Children.Title.Interpreter
to
wb.Children(2).Title.Interpreter
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