A potential model is applied for the analysis of the astrophysical direct nuclear capture process 16O(p,γ)17F. The phase-equivalent potentials of the Woods-Saxon form for the p−16O interaction are examined which reproduce the binding energies and the empirical values of ANC for the 17F(5/2+) ground and 17F(1/2+) (E⁎=0.495 MeV) excited bound states from different sources. The best description of the experimental data for the astrophysical S factor is obtained within the potential model which yields the ANC values of 1.043 fm−1/2 and 75.484 fm−1/2 for the 17F(5/2+) ground and 17F(1/2+) excited bound states, respectively. The zero-energy astrophysical factor S(0)=9.321 KeV b is obtained by using the asymptotic expansion method of D. Baye. The calculated reaction rates within the region up to 1010 K are in good agreement with those from the R-matrix approach and the hierarchical Bayesian model in both absolute values and temperature dependence.