This field is related to X field of X module - What does this mean, how do I replicate, and what does it do exactly?

This field is related to X field of X module - What does this mean, how do I replicate, and what does it do exactly?

Hello!

I have someone who has some fields like this (pictured below) that are apparently mapped to similar fields in another module. I'm not sure what function these fields exactly have. Will they automatically update together without additional functions/ workflow rules? If I wanted to create another field like this, what is the process for doing so? 

Thanks in advance!