Hi, welcome to JustAnswer!. This is Ed.
The oil pressure sensor on your 4.7 liter engine is located almost directly above the oil filter, which will be on the driver's side-front of the engine. If there's a splash shield in the way, you may need to remove that first.
Replacement isn't too too bad on these units, but you will need either a special socket for the sensor, or a common deep-well socket (such as Craftsman) in 1 1/16" with no inside "step". The socket needs to be smooth from the opening all the way back, which does rule out some sockets when they have a shelf built in, about 1/2" from the end. Me? I use a Craftsman socket.
The connector won't release without a struggle, but would you have it any other way? A red slide-lock has to be clicked to its opposite position (not removed) to enable the thumb tab release... and then it slips right off. Years of exposure to road crud will likely make the connector more difficult to work with, but a water spray from a hand-held bottle helps, as does a compressed air nozzle, to clear crud and allow proper movement of said components. I don't go anywhere without my water bottle. Some oil spill is to be expected when the old one comes out, so steer clear and use mitigation to keep oil flow at bay. It could be several ounces.
The sensor uses a common 1/8 NPT fitting where it screws into the engine, so care must be taken to avoid cross-threading it. Start the new sensor by hand and it should turn about two spins before encountering resistance, which is normal for pipe fittings.
When done, be sure to check for leaks after the engine has run a bit.