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Time limit (mins) – Specifies the maximum time (in minutes) for refining the image.

Noise limit – A threshold that determines when to stop refining a pixel. Higher values allow more noise in the image, while lower values try to reduce the noise. A value of 0.0 traces the entire image unconditionally.

Samples limit – Specifies the maximum samples per pixel for refining the image. V-Ray performs adaptive sampling on the image, trying to put more samples into areas that have more noise.

Sampler – Specifies the image sampler type. 

Progressive – Progressively samples the entire image and refines the details over time. 
Bucket – Takes a variable number of samples per pixel depending on the difference in the intensity of the pixels. 

Start IPR – Starts an interactive GPU render.

Override mtl – When enabled, this option causes all objects in the scene to be rendered with a selected material rather than their assigned materials, but only if an override material is selected. This option does not affect actual material assignments; it only affects the materials as they appear in the GPU rendering.

None – Click to select the override material or drag a material from the Material Editor.

Exclude list – Allows you to exclude parts of the scene from the material override.

Include/Exclude list – Controls the override on a per-object level. Use the Exclude... button to bring up the 3ds Max Include/Exclude window for selecting objects to include or exclude from the override material assignment.
Exclude layers – Use the Layers... button to bring up the Select layers window. All objects from highlighted layers are excluded from the override and are rendered with their assigned materials. Use the Ctrl button to clear a selection.
Exclude object IDs – Only objects that have an Object ID matching the input in the field are excluded from the override. Use a comma separator to input multiple IDs.