inductors and capacitors cannot be replaced by a voltage regulators since they have totaly different characteristics.
I=dv/dt , the current that pass through a capacitor equals to the derivative of the voltage across this capacitor with respect to time, the capacitor stores energy as a voltage, when the capacitor is fully charged it acts then as an open circuit. for an AC the capacitor will charge and discharge in a specific time depending on the frequency of the this AC signal. this characteristic of the capacitos is used to design filters for example, frequency filtering, with low pass filters for example, no current will pass through this filter below a given frequency ( high pass filter --> above a given frequency) those filters cn be designed by just a capacitor and a resistor.