Is it $\cfrac{\binom{4}{1} \cdot \binom{48}{4}}{\binom{52}{5}}$?
The way to choose 1 of 4 aces * the way to choose 4 cards from the remaining non-aces, divided by 52 choose 5 (total)?
I know it's the total of the probability of the event over the probability of the total, but I'm not sure about the top part.

Do you want the probability of $exactly$ one ace? Or just the probability of an ace appearing in a 5-card hand?
If you want exactly one ace, then your answer is correct. $\binom{52}{5}$ is the number of 5-card hands in the deck, and you have 4 choices for which ace to include (hence, $\binom{4}{1}$), and 48 choose 4 choices for the other 4 cards (hence, $\binom{48}{4}$).
If, instead, you want the probability of at least one ace appearing in a 5-card hand, we do things differently. The easiest answer is to find the probability of getting $no$ aces in a 5-card hand.
This probability is $$\frac{\binom{48}{5}}{\binom{52}{5}},$$ for we have 48 choose 5 possible hands with no aces.
Then the solution to the problem - that is, the probability of at least one ace appearing in a 5-card hand - is one minus the complement: $$ 1 - \frac{\binom{48}{5}}{\binom{52}{5}}.$$