Invert Power: This is like a NOT operator, it inverts whatever the status should be. If a player is within range and it should be on, if you invert the power it will be off when away and on when near.
Range: You can left click or right click to change the Range amount for the sensor. There is a config option to change the max allowed amount but I found 20 to be decent enough.
Owner Only Edit: This should be left as Default enabled because it gives protection from editing the torch by other players, although without any server protection players could break other players torches.
Owner Trigger: This trigger enabled will be looking for the owner of the torch, the one who placed it down.
Player Entities Trigger: This trigger is for all other players BESIDES the owner. If you want to trigger for the owner use the one above.
Hostile Entities Trigger: These are mobs that would fight back even when not provoked
Neutral Entities Trigger: These are mobs that would fight back only when provoked
Peaceful Entities Trigger: These are mobs that would run away from you if you where to hit them and don't hit you at all.
Dropped Items Trigger: This would trigger for items that are on the ground. Chicken Eggs, exc.
Invisible Entities Trigger: If this is disabled the RPS will not detect invisible entities. Anything invisible will go undetected.
Vehicle Trigger: Anything according to Minecraft that is a Vehicle, including Minecarts and boats.
Projectile Trigger: Make a wall appear when someone is shooting arrows at you, its that easy with this trigger.