There are two types of oil warning indicators- low oil level and no pressure.
Ford used an oil level sensor in the oil pan on many vehicles including yours. If this light came on, it is a reminder you need to add oil. As long as you saw oil on your dipstick when checking this, you should be fine.
The other sensor indicates if you loose oil pressure. This maybe a light but my recollection is in your car a gauge is used to indicate the problem. If this indicated you have a problem, you have a major issue. I do not think this is what you were referring to.
There are additional reasons you can have a loss in power which have nothing to do with this. My recollection is a significant change in altitude without restarting the car so it re calibrates itself can cause a temporary loss of power.
You should read your codes and let us know if you find any. If no codes, I would not worry about the power loss unless it happens again.
To verify you have the correct dipstick, change your oil (add 5 quarts) and the filter. Start the engine and run for a few minutes then turn off, Wait 5 minutes and check the oil. The oil level should be up to the full line (assuming you have a factory oil pan). If not, you may want to buy a Ford OEM dipstick. Sometimes the Ford part number is etched into the dipstick if you want to verify that way.