The procedure should be in your owner's manual, but what you said is basically right. Do it with the engine fully warmed up and running (you can do it cold but it's less accurate), and move the shifter into every position from P to L and back again.
For the power steering, there's a dipstick built-in to the reservoir lid. On my 1993 that's on the driver's side at the front of the engine, I don't know if it's different on a 98.