mod_pagespeed isn't a parameter, resource, class, defined type, etc within this module, so in this case, the `` should be removed. (It's a little confusing, I know. We're working on the Style Guide to lay this stuff out and make it way easier.)
It'd also be really awesome if this linked to something that explains what mod_pagespeed is. Maybe http://modpagespeed.com/? 
So, all told, this could read "Installs and manages mod_pagespeed, which is a Google module that rewrites web pages to reduce latency and bandwidth."