Where is the amniotic sac located?

The amniotic cavity is the closed sac between the embryo and the amnion, containing the amniotic fluid. The amniotic cavity is formed by the fusion of the parts of the amniotic fold, which first makes its appearance at the cephalic extremity and subsequently at the caudal end and sides of the embryo.

Is the amniotic sac inside the placenta?

The amniotic sac is a tough but thin transparent pair of membranes, which hold a developing embryo (and later fetus) until shortly before birth. The inner membrane, the amnion, contains the amniotic fluid and the fetus. The outer membrane, the chorion, contains the amnion and is part of the placenta.