Yes that's the Draft Control for the top link.
Better than I can describe: 'The draft control on a tractor senses the extra strain of hard patches of ground and allows the plow to rise enough that the patch won’t be an issue, and the wheels of the tractor won’t spin. Once the tractor has passed the hard patch, the plow returns to its original depth. The location of the knob or lever for draft control differs from tractor to tractor, but the process in which you can find the right setting is always the same."
On our smaller tractors I never really use it since they are small in HP and not used for heavy tillage. Now our 200hp, I use the mess out of it. It also depends on the tractor's setup of rear tire weights, Fluid filled rears, dual rears, front plate weights.... then to type of grounds. How deep do you want the implement to go... .
The other picture: Are your Hydraulic control valves. There are spring(s) and pistons (bypass or relief valve) in there that control the flow of fluid when opened or closed with the levers on the opposite side are moved. If they are spraying oil, then the pressure is overriding one of them. Probably should be pulled apart and cleaned anyway. Might be a good time to pull the hyd pump and rebuild it as well. Especially if you hear a bad whine in the pump. you don't want to run the risk of it burning up.