The direction of the electric field between the plates of a parallel plate capacitor is determined by the induced current resulting from a decreasing magnetic field, as explained by Lenz's Law. The induced current will flow counterclockwise (CCW), leading to a positive charge accumulation on the bottom plate and a negative charge on the top plate. Consequently, the electric field points upward, from the bottom plate to the top plate. The discussion emphasizes the use of the right-hand rule to visualize the direction of the induced current and magnetic fields. Understanding these principles is crucial for analyzing the electric field in this context.