To be certain, you'll need to consult a repair manual specific to your 1995 E-150 with the 5.8L engine. These manuals often have diagrams showing the exact location of all sensors. You can find these manuals online (e.g., from Haynes or Chilton) or at auto parts stores.
Without seeing your specific vehicle, it's impossible to definitively say where it is. Looking at the differential housing is your best bet after checking the transmission.