You can find the full documentation on fittings here:
https://github.com/rebar/rebar/wiki
A detailed rebar.config example showing most of the options available is available at:
https://github.com/rebar/rebar/blob/master/rebar.config.sample
Reading from the deps section:
%% What dependencies we have, dependencies can be of 3 forms, an application %% name as an atom, eg. mochiweb, a name and a version (from the .app file), or %% an application name, a version and the SCM details on how to fetch it (SCM %% type, location and revision). Rebar currently supports git, hg, bzr and svn. {deps, [application_name, {application_name, "1.0.*"}, {application_name, "1.0.*", {git, "git://github.com/basho/rebar.git", {branch, "master"}}}, {application_name, "1.0.*", {git, "git://github.com/basho/rebar.git", {branch, "master"}}, [{alt_url, "https://github.com/basho/rebar.git"}]}]}.
As you can see, the specific parameter that you specified refers to the version of the Erlang application (intended as an OTP application). Versions are listed in Erlang application files .