Frequency is just a measure of how often an event is likely to happen.
From settings.txt:
Quote:
Event Percent Chance Low := 5
Event Percent Chance Medium := 10
Event Percent Chance High := 25
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So, you can control how often events occur with each setting. These are either flat percentage chance each turn that an event will happen, or they are in 10th of a percent. I think it is full percent points, but I am not 100% positive.