I know we will use tokens in landing pages, emails, flow step in smart campaign but not in smart list. Any one has clear idea why we are not able to use tokens in smart list.
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What kind of smart lists are you wanting to create? I'm guessing you are not able to use them as most tokens that users create are at the program level and would not work outside of that program. Also, most tokens that you would create or use live at the lead level and it might not be functional to create smart lists which are essentially batches of leads filtered by some sort of matching criteria.
There is already a thread on this: Can Tokens be used in Smart List Filters