I'm looking to put an inset map for my main map frame onto my map layout in QGIS print composer. I would like it to indicate the extent and location of the main map on a larger regional map. This something I am familiar with accomplishing in ARCMap but I have yet to discover if QGIS has an equivalent function. The indicator should show the extent of the data in the main frame in another data frame.
I think what you are looking for is called the "Overview Map".
The YouTube video called "Tutorial 21 - Adding a Locus/Overview Map to a QGIS Print Composer" shows how to add an overview map using what appears to be pre-2.0 tools.
There is also a new capability in the recent QGIS 2.0 release that is a more automated method of setting up an Overview map. See Print Composer - Overview in the online QGIS User Guide, or it is located under Items/Map/Item Properties/Overview.