Usually referred to as a "T & P".
The valve that you described, if it is a T & P is serving only as a pressure relief valve in that location although there are pressure only relief valves but that installation appears to be a feeble attempt to allow excessive system pressure to drain outside the house instead of the T & P on the water heater discharging because of what appears to be high incoming water pressure.
If the water pressure is above 80 P.S.I., a pressure regulating valve needs to be installed on the cold water main, a thermal expansion tank is generally installed on the cold water feed line to the water heater when a PRV is installed.
The valve that is leaking should be removed from its' location.





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