There are 20 unique 16-bit sequences $a_1, a_2, ..., a_{20}$: $$a_i = (a_{i,0}, a_{i,1}, ..., a_{i,15}), a_{i,k} \in \{0,1\}$$
Is there a method to select 5 ($=\lceil \log_2 20\rceil $) numbers $p, q, r, s, t$, such that sequences $$b_i=(a_{i,p},a_{i,q}, a_{i,r}, a_{i,s}, a_{i,t})$$
are all unique, ie. $$i\neq j \Rightarrow \exists k :\, b_{i,k}\neq b_{j,k} $$ ?
For example (simplified case - $5$ 8-bit sequences, 3 required numbers):
$a_1=11010111\\ a_2=10100101\\ a_3=10001011\\ a_4=10101101\\ a_5=01000110$
the answer should be $2,3,4$:
$b_1=010\\ b_2=100\\ b_3=001\\ b_4=101\\ b_5=000$
No, not in general. A set of $5$ such numbers is not guaranteed to exist. For example:
$p=0$ is the only way to tell entries 1 and 2 apart.
$q=1$ is the only way to tell entries 1 and 3 apart.
$r=2$ is the only way to tell entries 1 and 4 apart.
$s=3$ is the only way to tell entries 1 and 5 apart.
$t=4$ is the only way to tell entries 1 and 6 apart.
But then there's no way to tell, say, entries 1 and 7 apart.
This also won't work in general for the simplified case you mentioned:
You're calculating the number of bits to use as $\lceil \log_2 n\rceil$, where $n$ is the number of bit sequences you have. But the number of bits in each sequence must also be taken into account.