The suspension comes after an anonymous complaint alerted university officials to several materials, including the school-sponsored team mailing list and other electronic correspondence.
A statement released by the university Thursday did not disclose specifics but said the "misogynistic and racist" comments involved the women's swimming and diving team.
Princeton's athletic director calls the team's behavior "simply unacceptable."
The university will decide whether to cancel the season completely in the coming days.
The suspension is the third for an Ivy League team since November. Harvard University and Columbia University suspended teams for similar behavior last month.