An angular analysis of the decay \(B^0 \to \phi K^*(892)^0\) is reported based on a \(pp\) collision data sample, corresponding to an integrated luminosity of 1.0 fb\(^{-1}\), collected at a centre-of-mass energy of \(\sqrt{s} = 7\) TeV with the LHCb detector. The P-wave amplitudes and phases are measured with a greater precision than by previous experiments, and confirm about equal amounts of longitudinal and transverse polarization. The S-wave \(K^+ \pi^-\) and \(K^+K^-\) contributions are taken into account and found to be significant. A comparison of the \(B^0 \to \phi K^*(892)^0\) and \(\bar{B}^0 \to \phi \bar{K}^*(892)^0\) results shows no evidence for direct CP violation in the rate asymmetry, in the triple-product asymmetries or in the polarization amplitudes and phases.