The function is called generating function. A vector field like is a generalized symmetry of an ODE with vector field if and only if Lie equation
is satisfied.
The geometric interpretation of this is as follows. A solution of the equation can be seen, instead of as a curve in the jet space, as a point in the vector space . A symmetry (well, its evolutionary vector field) produces a curve that starts at and every point on it is another solution. The tangent vector of that curve is (see remark 2.1.1 in @lychagin2007contact).
This approach suggests to me the issue of the connected components of the solution space of an ODE.