looks like yer flowing fuel and not able to provide enough to filter head.
That light is based on vacuum on the filter head from the IP internally sucking more fuel than your lift pump can deliver.
Get a fuel pressure gauge, remove the inside of the shrader valve and connect gauge and string it up under wiper arm and watch when driving what pressure you get. If light comes on check pressure. It is likely a weak lift pump.
This is a good procedure, as long as you understand exactly what you're measuring. Taking a pressure reading at the schrader valve will give you the pressure going into the filter. That is to say, the pressure being provided by the lift pump. This does not take into account problems you might have within the fuel filter. The fuel filter could be plugged with crap (though you've stated that you've replaced the filter), or you could even have damage in the filter head.
What I think you really want to know is what pressure is being provided to the IP. If it is too low, then start backtracking to find the reason. The first step in backtracking would be to do as Riotwarrior has said.
Your '94 (or did you say '93?) should have the same filter head as my '92. I'll insert a picture below showing where I took pressure coming out of the fuel filter, that is, between the fuel filter and the IP.
You can see the schrader valve on the other side of the clear return line.
This is where I would start, and then work backwards.