It might have been more helpful if you'd included the version of VMware Player and the version of Host OS you're using! 
Since you didn't say what version of VMware Player or Host OS version, I can only say the following is applicable to what I tested it on and that was VMware Player 5.0.2 under Ubuntu 13.04.
In a Terminal issue the following command (Hint: Copy and paste, as is, to avoid typos.):
sudo ln -s /usr/lib/vmware/bin/vmware-netcfg /usr/bin/vmware-netcfg
Now to bring up the Virtual Network Editor use the following command in a Terminal:
sudo vmware-netcfg
Note that you may get an error message like the following:
(vmware-netcfg:####): IBUS-WARNING **: The owner of /home/$USER/.config/ibus/bus is not root!"
This appears to be a bug however I do not believe it will affect the actual use of the Virtual Network Editor.