We report measurements of the cross section and a complete set of polarization transfer observables for the {sup 16}O(p-vector, n-vector){sup 16}F reaction at a bombarding energy of T{sub p} = 296 MeV and a reaction angle of {theta}{sub lab} = 0 deg. The data are compared with distorted-wave impulse approximation calculations employing the large configuration-space shell-model (SM) wave functions. The well-known Gamow-Teller and spin-dipole (SD) states at excitation energies of E{sub x} < or approx. 8 MeV have been reasonably reproduced by the calculations except for the spin-parity J{sup {pi}} = 2{sup -} state at E{sub x} = 5.86 MeV. The SD resonance at E{sub x} {approx_equal} 9.5 MeV appears to have more J{sup {pi}} = 2{sup -} strength than J{sup {pi}} = 1{sup -} strength, consistent with the calculations. The data show significant strength in the spin-longitudinal polarized cross section ID{sub L}(0 deg.) at E{sub x} {approx_equal} 15 MeV, which indicates the existence of the J{sup {pi}} = 0{sup -} SD resonance as predicted in the SM calculations.