That is the connector that attaches the cowl light harness from inside the cowl to the main wiring harness. It installs in the frame member down in front of the steering box, and then the cowl light harness runs up to inside the cowl. The wire from the main harness inserts from one end of the brass piece, the wire from the cowl light harness inserts from the other end, and you connect them by tightening the screw. There should only be one wire from the cowl light harness, it splits into two up inside the cowl. If you have two wires coming down from the cowl then I don't believe that's an original wiring job. This connector does not go inside the cowl.
If you want to use this connector then you will have to remove the bullet connector to expose bare wire. Alternatively, you could install a bullet connector on the other wire and use a torpedo connector.