From $1310.6times10^{6}$ $J/psi$ and $448.1times10^{6}$ $psi(3686)$ events collected with the BESIII experiment, we report the first observation of $Sigma^{+}$ and $bar{Sigma}^{-}$ spin polarization in $e^+e^-rightarrow J/psi (psi(3686)) rightarrow Sigma^{+} bar{Sigma}^{-}$ decays. The relative phases of the form factors $DeltaPhi$ have been measured to be $(-15.5pm0.7pm0.5)^{circ}$ and $(21.7pm4.0pm0.8)^{circ}$ with $J/psi$ and $psi(3686)$ data, respectively. The non-zero value of $DeltaPhi$ allows for a direct and simultaneous measurement of the decay asymmetry parameters of $Sigma^{+}rightarrow p pi^{0}~(alpha_0 = -0.998pm0.037pm0.009)$ and $bar{Sigma}^{-}rightarrow bar{p} pi^{0}~(bar{alpha}_0 = 0.990pm0.037pm0.011)$, the latter value being determined for the first time. The average decay asymmetry, $(alpha_{0} - bar{alpha}_{0})/2$, is calculated to be $-0.994pm0.004pm0.002$. The CP asymmetry $A_{rm CP,Sigma} = (alpha_0 + bar{alpha}_0)/(alpha_0 - bar{alpha}_0) = -0.004pm0.037pm0.010$ is extracted for the first time, and is found to be consistent with CP conservation.