These are names you assign to the Soft Knobs 1, 2, 3. They give you a hint of what each knob does in a given patch.
To give you a concrete example: say, you programmed a patch where MIDI controller 9
- opens the lowpass filter
- makes the decay and release longer
- adds distortion
- increases phaser mix and feedback
- adds LFO modulation of pitch
- (etc...)
Then, in the Soft Knobs menu, you set Soft Knob 1 to function as "Controller 09" and decide that a suitable name for it would be "Party!". But even if you called it "infect" or "mutate" or "thinner", the knob's function will be the same (as defined by the mod matrix).
hope this helps
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