It's not the same as the throttle stop screw. The air screw helps control the pilot or slow speed circuit, and can have a big effect on performance and throttle response below 1/2 throttle. Changes will often effect idle speed.
Turn it in to richen, out to lean. As a general rule, if the bike runs better with the air screw two or more turns out, you should go down a size on the pilot jet.
On most carbs, the air screw is located on the left side of the bike, low down on the carb near the rear, above the float bowl. It is a brass screw, usually only a small screw driver will fit.