They help locate front axle. DO NOT ELIMINATE! Rust doesnt look that bad from here.
The radius rod has to a way to adjust it for castor and camber setting
Epretot's earlier post called "What is It" shows much worse rust seen inside the spare tire compartment as being the area of concern. My 2002 MCI has some rust there too, but mine doesn't look as bad. However, I think it would be a good idea to at least weld in some new steel to fortify the radius arm connection from the backside (inside the compartment).