The Hair material settings are organized in Basic and Advanced modesmodes. You can switch the mode from the toggle button () under the Preview Swatch or globally from the Configuration rollout of the Settings tab.
From the Add Attribute button, you can select additional attributes that can add up to the appearance of the material. For more information, see the Attributes section.
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Holding down Ctrl (or Cmd on macOS) while having the Add Attribute menu open, allows selecting multiple entries without closing the dropdown.
The context options of the Color Slot allow to Copy and Paste a color from one color slot to another, as well as to reset the color selection.
A Reset option is provided in the context menu of each Number Slider. You can reset the slider value to the default one.
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Parameters
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Some parameters are only available in Advanced mode.
Overall Color – A common color multiplier for all color components in the material (except for opacity). Used to easily change the look of the entire hair material.
Transparency – Controls the transparency of the material. Making the hair more transparent towards the tip may produce more smooth and realistic anti-aliasing at the expense of increased render times. If you map the tip opacity, make sure you do not make the strands thinner at the tip as well - transparency already creates the effect of thinning strands. You can enable the Opaque Shadows and Opaque GI options to reduce render times for transparent hair. Note that with transparent strands, it may be necessary to increase the Max. Transp. Levels option in the Global Switches rollout of the V-Ray settings too.