There are two wires that I know run from that area.
One is a chassis ground, the other is the powersteering pressure switch. Chassis ground is not a big deal, but should be replaced to prevent electrical noise from causing you headaches down the road. The chassis ground generally is just a wire with two closed lug terminals on the ends.
The other is the powersteering pressure switch, this is something that is screwed into the power steering vane pump, closest to the high pressure hose, other side runs to a connection bracket by the fender and likely the one you are talking about. This is a signal wire that runs to the ECM and reports if powersteering fluid pressure exceeds a certain threshold. Example, when you are cutting the wheel all the way over. In those cases, the car will automatically idle up and/or cut the A/C compressor off (magnetic clutch), to raise engine speeds and prevent stalling. Won't hurt normal driving, but should be replaced soon. Should be a pretty inexpensive switch and fairly easy to replace.