Probably can be found somewhere but I have looked high and low for the option to have FSX turn off the display in small red font of the make, altitude and distance of AI aircraft and can't find it. Is there such an option?

It is very annoying. Any suggestions are appreciated.

In the Display-Settings-Traffic Tab-Aircraft Labels- unclick "Show aircraft labels".

Further options in the AIContain portion of the FSX.cfg file.

Yes but should be AContain.

That's great guys. Found it and thanks!