We present spin polarized neutron reflectivity data on a Co/Cu (111) s
uperlattice and show how not only the magnitude but also the orientati
on of the average magnetic moment of each layer can be extracted by an
alyzing the polarization of the reflected beam. This method allows mor
e detailed conclusions about the exchange coupling of magnetic layers
across nonmagnetic interlayers and the magnetic in-plane anisotropy in
such systems. We present a theoretical fit to the spin-flip and non-s
pin-flip data which leads to quantitative conclusions about the spin s
tructure. These spin polarized neutron reflectivity results coincide w
ell with the macroscopic magnetic properties which were measured using
the magneto-optic Kerr effect revealing a newly discovered uniaxial a
nisotropy in this system.