Funny this one came along just now. I solved the same issue this week. First, that rubber boot isn't a fluid seal- it's a protective cover for the adaptor (#17) to control valve (#10) connection. The leak is probably coming from either the high pressure hose or the control valve itself. It's all packed close together back there and it's really, really hard to find the source without removing the entire assembly from the transom. Even then, it'll be tough to troubleshoot because it operates at pressures that are hard to duplicate at home.
You could try removing the unit from the transom and placing it where you can see it better, but leaving the PS pump and hoses hooked up. Fill the reservoir, run the engine and see where the fluid's escaping. That was my original plan, anyway.
After wedging my head back there and inspecting that sucker umpteen times, I concluded that it was either the valve or the high pressure hose (leaking at the fitting). The old-style valve is no longer available. I'd need to either find a way to rebuild it, or swap the entire PS assembly to the newer style. I finally saw a slight indication that it might be the high pressure hose- there was a little sludge at the base of the fitting that, IMO, wouldn't be there unless fluid was seeping from it. I took a shot and replaced the hose (not an easy task, either), and the leak stopped.
** I tried to embed a parts diagram of the PS assembly but it didn't work. Go to any parts page, plug in your transom serial number, and go to power steering components. If you don't have that serial number, you can try mine (those are zeroes in the number) - 0D692504