I'm getting ready to pull out my 3.0, and saw this little guy and was wondering what it is and it's function. Looks like it belongs to the power steering system but not 100% sure. And help would be appreciated. Thanks!

 

It is the actuator for the rear wheel anti-lock brake system.
The system is part electrical and part hydraulic, using the power steering pump.
Later 4 wheel ABS is all electric.

 

Interesting, so if I'm going to be doing a engine swap, do I still keep this or just eliminate it?

 

People have removed it but it's some work. Search for it and I think you'll find it. I left mine in when I swapped motors.

 

So what you just spliced in your new power steering pump into the abs unit and done?