Sorry for the late reply!
Those two fields control
1. the size of the perf ring buffer, used to store anything that is not a string/buffer (examples: a path is a string, a sockaddr_in is a buffer). The bigger it is the more delay you can have when reading event data without losing events.
2. buffer storage size: how many 4k buffers you can use before wrapping around. A syscall that has a file descriptor and a path will use 1 buffer
There is more info here:
https://osquery.readthedocs.io/en/stable/deployment/process-auditing/