The equalizer in RV7000 Mk II affects the wet reverb sound only and is used for shaping the character of the reverb. There are two EQ bands, one for low frequencies (shelving) and one full-range parametric EQ.
This governs the width of the affected area around the set center frequency. The higher the value, the narrower the affected frequency range.The reason why this is on the main panel and not in the EQ section is simply that it’s a setting you may want to adjust often, without having to open the remote programmer panel.