Enable All Overrides– Enables/disables all material overrides.
V-Ray Material – Connecting a material in this slot overrides the material connected to the surface material slot of the shading engine. This gives you the ability to use a specific material only when rendering with V-Ray.
GI Material– The material V-Ray uses while calculating the GI solution.
Reflection Material– The material V-Ray uses to render the object with, when the object is seen in reflections.
Refraction Material – The material V-Ray uses to render the object with, when the object is seen through refractions.
Shadow Material – The material used to render shadows cast from the object.
Environment Override – Allows the user to specify a local environment map for the material for reflections and refractions.
Environment Priority – If several materials in the scene override their environment maps, this option allows to specify which map takes precedence when rays bounce between those objects.