VRayPBRMtlenables you to use the PBR workflow with V-Ray, similar to the one in Unreal.
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To create a VRayPBRMtlyou have to first make a V-Ray Material Instance material and then assign the VRayPBRMtlas a Parent material.
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In order to select VRayPBRMtlas a Parent material you have to first make the plugin folder VRayForUnreal visible. Enable Show Engine Content and Show Plugin Content in the View Options of the Content Browser. Then the VRay Materials will be listed in the Parent dropdown menu.
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For your materials to work properly at render time make sure your textures have a valid file path (Source File in the texture Details panel). V-Ray loads the textures from that directory during rendering. If the texture is not found at the specified location, V-Ray will automatically export the texture. You can then find it in your project folder > Content > Texture Cache.