Ping and knock are two different things but the sensors on top are designed to detect pinging and the engine computer is suppose to set back the timing to reduce ping.
If you have a code reader you could check to see if the ignition timing is changing during the event.
Something else to consider, you may have a broken (cracked) or leaky exhaust manifold or broken exhaust manifold studs which is very common on the Modular engines. That will also give you a pinging sound. This could be only on one side or it could be both sides.
Loose spark plugs can also sound a lot like pinging, verify the plugs are indeed tight! Early Mod motors have a reputation for spitting out plugs as there were not enough threads in the head and folks didn't use a torque wrench to set them to proper torque.
Extremely important, always use a torque wrench to set the plugs, too little TQ and the plugs will work loose, too much TQ and you risk damaging or stripping the threads on the heads. Each model yr can have different TQ specs, contact your Ford dealer service department, they will most likely need your VIN to verify proper TQ settings.
You want to correct any loose plugs before they get spit out, otherwise it is a Timesert or head replacement repair.
If engine has had a Timesert done, it is possible that it was not done correctly and may be leaking which also can cause a pinging sound which would require that one to need to be redone.
With 90K miles if you have never changed the plugs, you might wish to change them.. Worn or carbon fouled plugs can cause a host of issues.
On edit..
Thought of one other item that can cause a pinging sound, some Catalytic converters on the Modulars around the early 2000s would develop a death rattle when they start failing, sounds like a bunch of marbles in a tin can under heavy throttle..