Sway Bar Link
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The Sway Bar Link is part of a suspension system. These are flexible links that work with the stabilizer bar to keep your car from rolling when you make turns.
When you make a sharp turn in your car, you notice that your body gets pulled toward the outside of the turn. This is also happening to all the parts in your car. In essence, the part of the car on the outside of the turn gets pushed down toward the road while the part of the car on the inside of the turn actually rises upward. This is called rolling. The Sway Bar Links and the stabilizer bar, both actually prevent the car from flipping completely over when you make sharp turns.
Ideally you want the body of your car to remain flat throughout your turn so that the weight stays distributed evenly on all four of your tires. This is the job of the stabilizer bar with the help of the sway link.
The Sway Bar Link is a torsion bar and is mounted on a suspension in order to reduce the sway in your vehicle. The sway bar actually transfers movement from one side of the suspension to the other keeping your vehicle stable.