the problem with these data sheets is that any component which is present at less than 1% by weight, need not be mentioned at all, unless it is on the known carcinogen list (as maintained by the USFDA). This is almost certainly a dilute acid of some sort, or the salt of a strong acid.
To dissolve rust I would use muriatic acid by preference, but sulfphuric, phosphoric, chromic and nitric have all been used to pickle steel. Muriatic acid smells like the morning after. Sulfuric and chromic are astringent. Phosphoric is fairly odorless at this concentration. Nitric makes the eyes water and stains the flesh yellow.
Acidic solutions of chelators are another possibility here. EDTA is the most common, but I don't think it is active enough to remove rust as described.
A third class is reducing agents, such as borohydride salts. I have used such on silver, but not steel. Thiols work well on silver, but smell of brimstone.
Chemistry is so much fun.