There is no other way to do it other than what you described. Think about it - how can anyone know what classes extend ClassX without scanning each class on the classpath?
Eclipse can only tell you about the super and subclasses in what seems to be an "efficient" amount of time because it already has all of the type data loaded at the point where you press the "Display in Type Hierarchy" button (since it is constantly compiling your classes, knows about everything on the classpath, etc).