The slash in my answer doesn't indicate alternatives; my suggestion is to use exactly that wording. "Risk of aspiration" would be perfectly OK for the second bit, of course.

"Surgical Safety Checklist
A simple checklist developed by the World Health Organisation which reduces surgical morbidity and mortality and sentinel events by such simple exercises as confirming the patient’s identity, site, procedure and consent, allergies, airway/aspiration risk, risk of blood loss, sponge counts, etc."
http://medical-dictionary.thefreedictionary.com/Surgical Saf...

--------------------------------------------------
Note added at 14 mins (2015-01-08 09:26:09 GMT)
--------------------------------------------------

"WA Health Surgical Safety Checklist [...]
Anaesthesia safety check
completed
(including airway/aspiration risk)"
http://www.health.wa.gov.au/circularsnew/attachments/529.pdf

"SCOAP
Surgical Checklist Initiative
[...]
" Anesthesia Machine Ready
 Patient Position
 Airway/aspiration risk assessment completed"
http://www.scoap.org/downloads/SCOAP-Surgical-Checklist_v3_4...

--------------------------------------------------
Note added at 19 mins (2015-01-08 09:31:29 GMT)
--------------------------------------------------

In other words, I think it means that one of the things that must be done is to check the airway and specifically check for risk of pulmonary aspiration.

--------------------------------------------------
Note added at 1 hr (2015-01-08 10:36:55 GMT)
--------------------------------------------------

It's quite commonly expressed as "Difficult airway / aspiration risk", including in the WHO list:
http://www.who.int/patientsafety/safesurgery/tools_resources...

So you could add "difficult" before this, but I don't think it's necessary, and after all it doesn't say that in your original.

--------------------------------------------------
Note added at 5 hrs (2015-01-08 14:43:47 GMT)
--------------------------------------------------

I'm really quite sure that it means risk of aspiration; that is, that there is a risk of aspiration, which doesn't mean breathing air into the lungs (a good thing) but aspirating material:

"Pulmonary aspiration is the entry of material (such as pharyngeal secretions, food or drink, or stomach contents) from the oropharynx or gastrointestinal tract into the larynx (voice box) and lower respiratory tract (the portions of the respiratory system from the trachea — i.e., windpipe — to the lungs)."
http://en.wikipedia.org/wiki/Pulmonary_aspiration

As I think I've shown already, this is an item commonly included on surgery checklists, following the WHO model, and it refers to two separate checks: (a) difficult airway? and (b) aspiration risk? – two separate elements. Here is the full WHO explanation of this item:

"Does the patient have a difficult airway/aspiration risk?
The Checklist coordinator should verbally confirm that the anaesthesia team has objectively assessed whether the patient has a difficult airway. There are a number of ways to grade the airway (such as the Mallampati score, thyromental distance, or Bellhouse-Doré score). An objective evaluation of the airway using a valid method is more important than the choice of method itself. Death from airway loss during anaesthesia is still a common disaster globally but is preventable with appropriate planning. If the airway evaluation indicates a high risk for a difficult airway (such as a Mallampati score of 3 or 4), the anaesthesia team must prepare against an airway disaster. This will include, at a minimum, adjusting the approach to anaesthesia (for example, using a regional anaesthetic, if possible) and having emergency equipment accessible. A capable assistant—whether a second anaesthetist, the surgeon, or a nursing team member—should be physically present to help with induction of anaesthesia.
The risk of aspiration should also be evaluated as part of the airway assessment. If the patient has symptomatic active reflux or a full stomach, the anaesthetist must prepare for the possibility of aspiration. The risk can be reduced by modifying the anaesthesia plan, for example using rapid induction techniques and enlisting the help of an assistant to provide cricoid pressure during induction. For a patient recognized as having a difficult airway or being at risk for aspiration, induction of anaesthesia should begin only when the anaesthetist confirms that he or she has adequate equipment and assistance present at the bedside."
http://www.ncbi.nlm.nih.gov/books/NBK143244/

So although "at risk for aspiration" can be said, the "airway" part is separate. It's not just a question of whether the airway is at risk for aspiration; the airway is an item in its own right.

--------------------------------------------------
Note added at 5 hrs (2015-01-08 14:46:58 GMT)
--------------------------------------------------

And just to confirm, here's the WHO (OMS) recommendation in Spanish. They have omitted "difícil", perhaps for reasons of space:

"¿Tiene el paciente...
... Alergias conocidas?
No
Sí
… Vía aérea difícil / riesgo de aspiración?
No
Sí, y hay instrumental y equipos / ayuda disponible"
http://whqlibdoc.who.int/publications/2009/9789243598598_spa...