The colors used in a fresnel map are used to set the minimum and maximum values of that map. The IOR will change how the transition between the two is made. IOR is a physically based value that you can use to simulate certain types of materials. Basically a higher IOR will make things more and more reflective.
It says what the minimum and maximum reflection the Fresnel map will create. In V-Ray a number of parameters are inputted through grayscale colors…black would equal zero and white would equal 1 or 100 depending on how you’re thinking about it. So the colors would be how you manipulate the minimum and maximum values…the fresnel color will set the maximum reflection and refract color will set the minimum reflection value.