Reverse Input Air Bleed Checkball
WARNING: This page is about a different car, the 2008 GMC Sierra and 2008 Chevrolet Silverado. However, it is still accessible from the selected car via links, so may be relevant.
This ball and capsule is located in the reverse input fluid circuit in the oil pump to provide an air escape when the fluid pressure increases. It also allows air into the circuit to displace the fluid when the clutch releases.