I have a small leak from my transmission (350 turbo). When I looked up under the car I couldn't tell exactly were the leak was coming from but I saw the below part behind my transmission with little droplets of fluid. I don't know what the part is called. Also, I barely drive this vehicle and wanted to know if that played a part in the leak.

 

Looks like some sort of speed sensor? Originally that's where the speedometer cable would attach. If it is leaking out of that sensor I guess you will have to find out what it is and who made it,etc. to replace/repair it.

 

The part with the cable is an aftermarket VSS (vehicle speed sensor) and is typically used with an aftermarket EFI system, aftermarket cruise control, or an electronic speedo. This particular unit is an in-line VSS, which means that you can screw a stock speedo cable to the output side. I notice yours does not have a speedo cable attached, which leads me to believe that you have an aftermarket electronic speedo in your car.

Bottom line is that there should not be any trans fluid in that VSS anyway. Either the drip is simply a collection point from a leak that is further up. or the seals inside the speedo driven gear housing are worn and require replacement. Unscrew that VSS, then remove the bolt that retains the speedo gear adapter and pull it from the trans housing. There are two seals on the adapter - one inside and one outside. The one outside seals the adapter to the case, the one inside seals to the driven gear. Inspect the driven gear shaft for wear where the seal rides - it may also require replacement.