Sweet-potato-sauce is an exclamation similar to 'cool', 'awesome' and 'sweet'. It is used mainly because of its superior syllable construction. It often seems insufficient to simply say 'sweet!' when you find something pleasing. However, 'Sweet-potato-sauce' has, at 5, the perfect number of syllables. You might laugh, but it is the best way of expressing you contentment.
Person1: Hey, were you able to finish the summer reading?
Person2: Yeah, I finished the whole thing!
Person1: Sweet-potato-sauce!