Mosvalve:
The WAI indicator stands for "Where Am I". It is an indicator which spans the tracks that are able to be controlled by an external controller through ACT. (In the console view it is a colored indicator on the bottom of each track that is a candidate for being controlled.)
Track strip selection is the capability, through ACT, for an external controller to select a track in order to make adjustments or changes.
Hope this helps,
Paul