In the Preferences (on OSX) or Settings (on Windows & Linux) dialog box choose Languages & Frameworks -> PHP on the left side list then check the PHP language level drop down box. If your PhpStorm is not very old then you should have PHP version 7 in that list.
PhpStorm uses the selected PHP version to check your code for syntax issues. It doesn't need to have the specified PHP version installed (I guess it comes with the interpreters.)
After you select the PHP version go to Editor->Inspections (also in the left side of the Preferences/Settings window) then in the right side make sure that the PHP -> General -> Language Level inspection is checked. In its description it says:
Checks that language features used in the source code correspond the selected language level. (i.e. traits can be used only in PHP 5.4). Desired language level is set in the project configuration (Project Settings | PHP).
Update
Apparently, the current versions of PhpStorm doesn't handle this specific issue. I tested it with version 9.0.2, 10.0.3 and 11 EAP and none of them complains about PHP4-style constructors.
It seems the Language Level Inspection focuses on the usage of new PHP features more than on the deprecated ones.
php -lto list and fix it once and forever. - Alex Blex