That is your ASIO buffer, which mirrors into Preferences->Audio->Driver Settings. Typically they can be around 128 or so (depending on project). This is the buffer to talk to your audio interface. (At 512 you will have a hard time tracking/recording).
The I/O buffers are in Preferences->Audio->Sync and Caching (Advanced Mode at the bottom needs to be on to see this). Those are the "Playback" and "Record" buffers you may be alluding to (typically 512KB for each is a good starting point for tweaking). This is the buffer to read/write to your hard drives.
For my Saffire 24, I track with ASIO at 64, and mix at 128. My I/O buffers have been at 512KB each for some time.