The phrase "a significant component in" is correct and usable in written English.
It can be used when discussing an important part or element of a larger system, process, or concept.
Example: "Education is a significant component in the development of a well-rounded individual."
Alternatives: "an essential part of" or "a key element in".
Thus belief is a significant component in the process of causal inference.
We are required to submit a plan in which student growth is a "significant component" in the evaluation.
This is a hard one for politicians, among whom - even the most virtuous - ego is a significant component in any 50-year career.
C1 A Web Player Looks Ahead Macromedia Inc., the publisher of the popular Flash media player, plans to introduce a strategy today intended to make the company's software a significant component in the emerging Web services segment of the Internet.
A senior administration official who worked on the decision to send the American troops said that there would be "a significant component" in training the Nigerians that would emphasize the rules of war.
Macromedia is trying to use its Flash player -- which until now has largely been used for displaying animated content on the Web -- to make the company's software a significant component in the emerging "Web services" version of the Internet.
This type of steam generator was a significant component used in the THTR-300.
Xylan is a significant component especially in the cell wall of cereal plants and xylan-degrading enzymes are thought to play a role in pathogen attack, particularly of monocots (Belien et al. 2006).
Nearly all species of Smilax (family Smilacaceae) are herbaceous or woody climbers, with greenbrier plants often being a significant component of vegetation in the order's range.
The examination is a significant component of education in Bangladesh.
I also consider that a significant component of learning in forensic science involves interacting with people from various fields of study.
