Just to be clear, you have the USB-attached Samsung printer defined on the Windows 7 machine as "shared"?
And both the Windows 7 and WinXP machines are defined as part of the the same "workgroup"?
As far as drivers are concerned, the Windows 7 drivers for the printer (as locally attached USB printer) are [probably] 64-bit, but you need a second 32-bit version of the driver to "ship over to the XP client" when it goes through its own "add printer" dialog to gain connection to that shared printer through the Windows 7 machine.
You can add that 32-bit printer driver as "additional driver" (for connecting 32-bit clients)on the 64-bit Windows 7 system. That way when you do proceed through the "add printer" dialog on the XP system and you eventually click on "connect", the Windows 7 system will send the 32-bit driver over to WinXP, and the case is closed. The printer will now be shareable and usable by both machines.
You need to get the 32-bit version of the Samsung driver installation package, unzip it somewhere, and then there will likely be a BIN or DRIVER folder inside somewhere, that contains the needed INF file.
You will then navigate to that folder containing the INF file through the "add additional driver" dialog on the Windows 7 system from the "Printer properties", sharing tab, push "additional drivers" button, check the "x86" box, push OK, and follow the wizard. You will eventually navigate to that expanded Samsung driver folder containing the 32-bit INF file.
I just took a look at the "universal printing driver" description on the Samsung support page, and it looks like it will support both 32-bit and 64-bit environments. But I believe that the same INF in that file probably still must be added as the "additional driver" for the "x86" environment, to support connecting 32-bit clients.