According to one of the more experienced of the U. S. Air Force Viper’s pilots, Lieutenant Colonel Philipe “Rico” Malebranche, the F-16 can do very well against the F-15. The F-16 is small, light and agile: although it has a lower maximum speed and rate of climb, it has a smaller Radar Cross Section and, once on the merge, it’s harder to spot. Furthermore, its turn rate is impressive: it does not lose much energy in turns (unlike, for instance, a Mirage 2000) and can outmaneuver the F-15 in low altitude dogfights.
