I using fc5 Dose it keep in /etc/shadow or else where I have my website using cpanel ,they seperate user/password in each domain home when I want to use same user/password ,I just add user ,then copy password into shadow file,so I don't have to enter new password-this case work well for if you have alot of user in website and want to migration so how ispconfig keep/retrive user/password
If you mean usernames and passwords of ISPConfig login then take a look at the table called: sys_user You have all users that can login to ISPConfig there!
Email/FTP users are system users and stored in /etc/passwd and /etc/shadow. Resellers and clients only exist in ISPConfig and are stored in the sys_user table, as TheRudy said.