It has to be some sort of check valve. I found this online:
"A residual valve acts like a one-way or check valve to maintain brake system pressure to eliminate the problems of a spongy pedal. This 2 PSI residual valve is installed inline between the master cylinder and disc brake calipers to keep 2 PSI of residual pressure at the caliper after the brake pedal is released."
My car does not have it; though I wonder how much it improves feel of braking......very intriguing.....
That looks like the switch that triggers your brake light if one of your brake circuits fail. The front and back circuits run through it and there is a switch between them. If one loses pressure the switch flips from the center position and lights your brake light indicating a brake system failure. There should be an electrical connector on the top or bottom that has the wires that complete the circuit.
A.J.
1974 Fiat 124 Spider
2006 Corvette
1981 Spider 2000 (sold 2013 - never should have sold that car)