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My manual for my 2001 Ford F-150 (4.6L v8) says that the transmission fluid is "Mercon V". For power steering fluid it lists "Mercon". I can't even find something on the shelf listed as "Mercon". I've got several quarts of "Mercon V" leftover from a transmission fluid change.

Can I put Mercon V in the power steering system?

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Mercon V is backwards compatible and can be used in place of Mercon. There is an alternative which is called Valvoline Dex/Merc which can be used in place of either of the original Dexron III or Mercon products.

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From Ford TSB 06-14-4:

Beginning immediately all automatic transmission / transaxle applications requiring MERCON(R) can now be serviced using MERCON(R) V or MERCON(R) Automatic Transmission Fluid or dual usage fluids labeled MERCON(R) / MERCON(R) V. After July 1, 2007, MERCON(R) Automatic Transmission Fluid will no longer be manufactured, therefore, availability of this fluid will only continue for however long it takes to deplete what remains in inventory.

You can also use it in the power steering.

Do not use it in transfer cases. Use Ford Fluid XL-12 Transfer Case Fluid in transfer cases where MERCON ATF was previously recommended.

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