This paper proposes a space-polarization division multiple access (SPDMA) system that has limited feedback channels. The system simultaneously serves data streams to multiple mobile users through dual-polarized antenna arrays, by using pre-determined sets of precoding vectors that are orthogonal in both space and polarization domains. To this end, a codebook whose elements are sets of the precoding vectors is systematically designed based on the discrete Fourier transform (DFT) matrix and considering the power imbalance of polarized channels. Throughput of the SPDMA system is evaluated and compared to that of space division multiple access (SDMA) system, according to the various parameters including cross polarization discrimination (XPD). The results show that the throughput of SPDMA system outperforms that of SDMA in the environments of high XPD with many mobile users.