By means of spin-polarized electron coincidence spectroscopy we explore the fundamental issue of spin-resolved contributions to the exchange-correlation hole in many-electron systems. We present a joint experimental and theoretical study of correlated electron pair emission from a ferromagnetic Fe(001) surface induced by spin-polarized low-energy electrons. We demonstrate that the contribution to the exchange-correlation hole due to exchange is more extended than the contribution due to the screened Coulomb interaction.