Hi Dinesh,
What you see in OP40 under Field Selection and Sequence selection are not the profile but the work center categories to be used as a reference for field & sequence selection.
These are the same workcenter categories that are created in OP40. For example If I want new work center category as Z001, similar to machine, then I can set reference field / Screen selection as 0001 (Machine work center category).
This only helps you to use pre defined settings on new work center category instead of maintaining them again.
You can find it in OPFA once you go to Influencing tab. Under content you can pick the work center category and change the parameters if you want. Check below screenshot:
Best Regards,
Rohit