If I recall correctly, there was a "spare" ground lead with a 0.25 x 0.032" female quick disconnect spade lug ("faston") behind the electrical panel of my '76 CB550k. This also shows up in the factory wiring diagram as a ground lead going nowhere. No clue why.
The red wire that connects to the red/white wire likely connects to the red wire that goes all the way up to the ignition switch, look for a red wire that has a male .25" quick disconnect to connect to it. There'd be no reason to leave a "hot" wire hanging like that, there's got to be something into which it plugs.