Would like to know more about this wire. Doesn’t sound familiar. Any chance you can get pictures of it?
That is correct for your bronco.
Correct. Condenser is one correct word for it. It’s actually a capacitor (so is a condenser as a matter of fact ) and is known as a “radio noise, suppressor“ in lots of shop manuals.
Often a similar one connected to the positive side of the ignition coil.
As I think you mentioned previously, it’s connected directly to the alternator. Well, “directly” is a euphemistic term.

It runs from the starter relay/solenoid up through the firewall around the dash to variously power the ignition switch, headlight switch, and fuse panel, Then back out through the firewall and down to the alternators BAT terminal.
It’s basically one long loop around the middle of the vehicle.
The part that goes to the regulator is just a yellow wire that is spliced into the black one. It senses battery voltage so that the alternator knows how to work how much to put out.
Speaking of the alternator and regulator… Here is how they should be connected.
Regulator:
F = Orange field wire.
S = Green w/red “switched” wire.
A = Yellow (2) “always hot“ wire and radio noise suppressor wire.
Back of the alternator:
BAT = Black charge wire.
FLD = Field wire.
STA = Stator wire.
GRD = Ground wire.
The orange field wire should be connected directly to the FLD terminal on the back of the alternator.
The black BAT wire should be connected directly to the BAT terminal.
The white with black STA wire (if used) should be connected directly to the STA terminal on the back of the alternator.
The ground wire can be connected to any of the convenient grounding studs connected directly to the case of the alternator.
Most of the time the one marked with the GRD letters is not convenient so you have to use one of the others.
The ground wire is connected to the metal tab that is part of the original alternator harness strain relief. If yours is missing or damaged, you can make your own if you need to.
On your rig, the white with black stator wire is used only to power the electric choke on the factory original carburetor.
If you don’t have that anymore, you can disregard that wire.
But make sure that the orange wire is connected to the FLD terminal, the black wire is connected to the BAT terminal, and the ground wire is connected to one of the GRD terminals.
Just so you know, in case you run across it in other non-Bronco diagrams, the F was always for “field”, the S was for “stator”, the A was for “armature”, and the I was for “ignition”, or “indicator”.
Those words don’t work for Broncos or other Ford vehicles using an ammeter, so I just use switched and always for my reminder /memory words