Periodic waves expressed in terms of Jacobi elliptic functions serve as canonical coherent backgrounds in integrable systems, providing a natural interpolation between the plane-wave background and soliton limit in appropriate parameter regimes. For vector (two-component) fields, however, the corresponding periodic-background theory is far less developed, the usual analysis being confined to quasi-single-component periodic states with linearly coupled components, which prevents the energy exchange between the components and polarization-resolved spectral features. To overcome the constraint, we construct a tractable class of elliptic-function periodic backgrounds for the Manakov system, whose linear stability is addressed by means of the Floquet-Fourier-Hill method. In parallel, the nonlinear spectral structure of the background is investigated through the spectrum of the spatial Lax operator. Guided by these spectral scenarios, the Darboux transform yields explicit families of vector localized excitations riding on top of the periodic background, including bright-dark solitons, Akhmediev breathers, and collisions between counterpropagating localized modes. In the Fourier domain, wave-number spectra exhibit pronounced asymmetry and energy redistribution between the components, leading to a “semi-Fermi-Pasta-Ulam-Tsingou recurrence,” different from the plane-wave case. Numerical simulations, initialized with the exact solutions, show that the dominant localized structures remain identifiable in the course of the propagation.