Are we looking for the Crankshaft Position sensor or Camshaft Position sensor? They both work together to determine timing. Crankshaft Position sensor is under a whole bunch of crap. To get to it you have to remove the spark plug wires, then the right exhaust manifold heat shield, then remove the EGR valve and tube, remove the oil pressure sending unit if you have trouble accessing the tube nut, then remove the sensor. Pain in the Arse.
Camshaft position sensor is a little bit different. It is located within the distributor on 95-98 models (all engines). You'll have to remove the air intake duct on your V8 to access it. Remove the distributor cap and rotor from the distributor, and then disconnect the camshaft position sensor and replace it. remember to align the tab on the new position sensor with the notch on the distributor housing.