In normal SharePoint 2010 Server, I see it fine, but can't get to it from a site collection on SharePoint 2010 Online. Is this even an option with the online version?
Found the solution. It is a hidden feature where there is no UI to activate it. You must upload a solution package to activate the hidden feature. Here is one:
Just upload to the solution store, activate solution and the Term Store Management link will now be available.