You'll find them:
* Upstream (before the catalytic converter): These sensors are closer to the engine.
* Downstream (after the catalytic converter): These are further down the exhaust system.
To locate them precisely, you'll need to consult a repair manual specific to your 2004 F-250 5.4L. A diagram will show their exact position. These manuals are available online (often as PDFs) or at auto parts stores. You can search for "2004 Ford F250 5.4L repair manual" to find one. Looking at online forums specific to the F-250 might also yield photos from other owners showing their sensor locations.
Caution: The exhaust system gets extremely hot. Allow the engine to cool completely before attempting to locate or access the O2 sensors. Use appropriate safety gear including gloves.