That is the high-pressure hose for the SLS (self-leveling system), from the tandem pump to the hard line on the passenger side. It is VERY unlikely the hose is leaking. And, SLS fluid is yellow/clear, not red.
Much more likely is that you have a power steering fluid leak (this will be red if ATF was used for power steering fluid). The P/S system is a very common leak. Check the P/S fluid level, it's probably low. Search the forum for details, first check is the short hose between the reservoir and the top of the tandem pump.