If you're riding your bike and you encounter something that makes your fork change position nearly instantly, its a high speed event..
For example, if you hit a bump going 22 fps (about 15mph), and you hit the brakes enough to compress your fork 50%, you might travel ~ 250 inches (20 feet) to use 50% of your travel. Low speed event.
If you hit a 4 inch tall, 6 inch long bump, it'll use 50% of your travel. You just blasted 50% of your travel over 6 inches of riding. High speed event!
Ideally, you want a lot of low speed compression that magically turns into a mild amount of high speed compression (enough to deal with your biggest hit) once you hit anything. This would give a dive free, small bump compliant fork. This is impossible, but you want to work in that direction.
Spring rate plays a bit role too.. but at some point you kinda have to ignore all that and just play with settings until you find something that works. If you thoroughly understand how both settings actually function on the trail, their ideal settings dont matter too much. In reality, the HSC and LSC circuits overlap heavily. The "LSC" knob will have a big impact on the actual high speed damping function.