The Locate Light button indicates the current state of the locate light on the front panel of the machine. There are two states this button can reflect, blink or off.
You can toggle the state using this button in the SM Console or by pressing the button on the front panel of the server.
When the state is changed, the locate light button in the SM Console, the locate light component in the System Status screen, and the locate light on the front panel reflect the new state.