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if your talking about vehicle speed sensor, it is the sensor that monitors how fast a vehicle is traveling by how fast a gear in the transmission is turning and converts mechanical motion into electrical pulses and sends this signal to the speedometer on the dash as well as to the computer. if your talking about wheel speed sensor this is an electrical pulse generator at each wheel that monitors wheel speed and is compared to the other wheel sensors by the abs /traction control module to check for a differential to turn on the light and or apply brakes in the case of traction control system or release hydraulic brake pressure in the case of wheel lock up.
Whatever happened, the engine computer sensed it and turned on the light. You will have to have the computer scanned for the trouble codes- a tech or mechanic could then follow the codes to find the problem.
I had a similar problem. Assuming you have pushed the trac button and it doesn't turn the light off.. It on the middle console. I went to AutoZone and checked the OBD code for free. Turned out I needed to replace my Throttle Position Sensor and it's fixed. Very simple to replace. Let me know if you need instruction on that.