Those look like: 1- red, 1- white, and 1- ground, so, no, I doubt they are low voltage.
Just looks like someone pulled some wires out through a hole in the top of the enclosure (no conduit fitting or anything that I could see), in which case you will most likely find (if you could see there) open wiring in the wall - NOT GOOD.
As to the rust? Hard to tell in that photo, but if there are many other electrical problems, probably not a bad idea to recommend replacement, then let Dick-the-master-electrician come by and *buy* that panel from you by saying 'oh, it's only rusted part way through in a few places, so it's okay'. (Sorry Dick, but your posts on most things being 'A-OK' just sorta set you up for things like that.
)
