Hotpoint DF22P electrical fault

I have a problem with my Hotpoint DF22P dishwasher. The main circuit braker for the whole house tripped, and I quickly traced the problem to the dishwasher. It was running at the time, and had made it all the way to the rince cycle when the fault occured.

I have removed the side panel from the machine, and discovered that under the machine on the right, there is what appears to be some sort of sensor (water temp?), and the red wire which is connected to this part has corroded and the insulation looks to have melted slightly. the grey wire on the otherside of the sensor is not affected.

Do you think that this is just a simple case of replacing the connector on the red wire, which I can do easily, or could it be a symptom of a worse problem?

There is no sign of any water leaks, but a few months ago, the water supply hose for the dishwasher leaked and flooded my kitchen. a new sealing washer in the connector cured that, but it could be related.

Any help/guidance will be greatly appreciated.