Hello mposhinski, and welcome to the forums.
First make sure you are using the correct Windows 7 driver for your printer on the Windows 7 machine, go here and make sure you download the full feature driver package
HP Deskjet Full Feature Software and Drivers HP Deskjet F4280 All-in-One Printer - HP Customer Care (United States - English)=
I'm concerned about the access denied error message, so first make sure your workgroup is named the same on all computers and the username and password you are using on the Windows7 machine is also present on the Vista machine hosting the printer.
I have seen a similar problem ususally reversed when the Win7 machine is the host and the Vista machine is attempting to connect to the hosted printer so assuming that you have the top two issues correct we can try the workaround for the access denied problem.
On the Vista machine hosting the shared printer
Go here C:\Windows\System32\spool
Right click on the PRINTERS folder and choose properties
Go to the sharing tab and then click the advanced sharing button
Check the box that says "Share this folder"
Then click the permissions button
Make sure "Everyone" is selected in the top frame and
In the bottom frame check the box for full control under the allow column
Click OK
Click OK again
Now under the Security Tab
Click the Edit button under the top frame
In the next dialog box that appears select the add button
In the next dialog box that appears select advanced button
In the next dialog box the appears select the find now button
In the bottom frame choose "NETWORK" and click OK
then click OK again on the box that you go back to
And then on the next box you go back to click to select "NETWORK" which you just added in the top frame
And check the box for full control under the allow column in the bottom frame
You will probably get a security warning, just click yes
And then you'll go back to the properties box, just click close.
You may have to reboot, not sure. Won't hurt
Now see if you can add the local printer port from the Win7 machine as you tried before.
Keep us posted and thanks again for joining the forum.
Randy