It can be tricky. Try this:
Pause the playback immediately after you hear the note/chord you’re listening for. Then, listen to your short term memory, sing whatever you hear and find that note on the guitar. Then find that same note on one of the top 2 strings (E & A) of the guitar.
If you’re looking for a chord, try playing a major or minor chord on that note. If that’s not it and you’re on the E string, try moving straight down to the A string and up 2 frets. If you’re on the A string, try moving straight down to the E string.
It can be more involved than this, but 80% of the time you can find most chords using only these few steps.
Summary

Article Name
Learning by Ear From a Recording
Description
Learning by Ear From a Recording: pause playback & listen to your short term memory. Find whatever note you hear. Then again, for a new note
Author
Bryan Wade