I am not positive on the 500sel but, on my 300e its behind the oil filter between the engine and the firewall. The oil pressure sender is easily accessable when the oil filter is removed and the hood is in its upright position.
Good luck!
Adam

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Current Stable:
01 ML55 AMG
92 500E (a few mods)
87 300E (lots of mods)
00 Chevy 3500HD Diesel Box Truck
68 18' Donzi Marine
06 GT i-Drive7 1.0 Mountain Bike (with GPS!)

PREVIOUSLY OWNED:83 300SD, 87 420SEL, 88 420SEL, 90 420SEL, 86 560SEL, 86 190E 2.3-16V AMG, 94 E320