You need to see the creature to target it -- this includes, after casting, if you want to send it to a new target.
That said, once you've sicced the spiritual weapon on someone, it doesn't matter if after that point you can no longer see him. The spiritual weapon will stay on him. Spiritual Weapon, along with Detect Magic and glitterdust/fairy fire, are great low level ways to deal with invisible opponents if you have no see invis or purge invis prepared.
How would this be useful for your player? If he had a means to see where the target is for just one round, he could set up his "homing beacon." The most common way this has happened in my games is against an invisible foe when a PC has the Clarity of Vision skill trick (Swift DC 20 spot to see invisiblility for one round).
[sblock]There are others to do this "point him out" trick in Spell Compendium, like targeting ray. My favorite being a level 1 spell that lasts round/level and causes a small cloud to persist over the foe's head, pelting him each round with 1 damage lightning bolts, reflex negates. It's just so awesomely annoying! Wish I could recall the name...[/sblock]