We comprehensively investigate a degenerate vector phase-sensitive amplifier (PSA). We determine the gain dependence on the relative phase and polarization angle between the pumps and the degenerate signal wave. The vector PSA is experimentally shown to be sensitive to the pump states of polarization (SOP) due to polarization mode dispersion in the fiber. However, the scheme performance agrees well with theory under specific pump SOPs and we achieve an on-off gain over 10 dB with a small deviation from the theoretically expected results. In comparison to the scalar scheme, the proposed vector scheme has larger tolerance for pump depletion due to four-wave mixing between pumps and generation of higher-order idlers.