Although I cannot address your specific question, of whether bisectors "play an important role in the study of higher rank symmetric spaces," 
I can say that
bisectors are the essence of [Voronoi diagrams][1].
So the 
2009 paper by
Frank Nielsen and Richard Nock, entitled
"Hyperbolic Voronoi diagrams made easy"
([arXiv link)][2], could well be relevant:

> We present a simple framework to compute hyperbolic Voronoi diagrams of finite point sets as affine diagrams. We prove that *bisectors* in Klein's non-conformal disk model are hyperplanes that can be interpreted as power bisectors of Euclidean balls. [...]

<br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![Hyperbolic VorDiag][3]


  [1]: http://en.wikipedia.org/wiki/Voronoi_diagram
  [2]: http://arxiv.org/abs/0903.3287
  [3]: http://cs.smith.edu/~orourke/MathOverflow/HyperbolicVorDiag.jpg