Definition
SAFETY ALERT
A safety alert issued by ATC to aircraft under their control if ATC is aware the aircraft is at an altitude which, in the controller's judgment, places the aircraft in unsafe proximity to terrain, obstructions, or other aircraft. The controller may discontinue the issuance of further alerts if the pilot advises he/she is taking action to correct the situation or has the other aircraft in sight.
Source: FAA Pilot/Controller Glossary (verbatim from the Federal Aviation Regulations).