Aftermarket alarm system. Common area for the LED light was on the console so "thiefs" could see it. Since it is not stock or factory installed there won't be anything about it in the manual. Pull the driver's side hush panel under the dash and you may find the control box with hopefully some labeling that will identify what brand it is.
The only factory anti-theft device a 1992 Trans Am would have is the VATS system which is the little black resistor on the ignition key. This system is most likely bypassed with an aftermarket alarm system installed.
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