And, yes, that's pretty much it, although "rebimboca da parafuseta" is less obscure than "reticulation of the splines" (if you're Brazilian, anyway).
It is used to denote a fictitious part, which name or function are unknown, of a car engine or any other machine. It was coined in the 70s TV show, and later used in some ads aired during the same period; since then, it's an expression used for humorous effect. It's not very common these days but is unlikely you'll meet someone down here that never heard it.
We've got a similar idiom in Spain: "la junta de la trócola" ("trócola's joint", not really translatable, though trócola is apparently a synonym for "polea", "pulley").
It was coined for a cigar brand TV commercial back in the 90s and also alludes to a fictional part, in this case used by a car repairman to fraud a customer into paying more in said commercial.