It's one of the only statistics I cannot figure out. I know what they stand for, but I don't how to best utilize them. Is there an ideal range that I should be looking for when comparing a few players. I'd imagine that this isn't the first stat I should look at.

You can use it to get an idea of what caliber of player you can afford at a given cap.

i.e. you are in a $70m league, so you want to spend around $35m on pitching, based on the ballpark and league rules you determine you need about 1,400 innings. So your pitching staff has to come in around 35m/1400 = $25,000 per IP. So that will give you a baseline for where to start. You presumably want your ace starter to be above the baseline, so you could look at pitchers with $28,000 to $30,000 $/IP and see who you think the best value is. Similar logic will help you find closer/bullpen ace, long reliever, etc.

Got it. Thank you!

$/ip and $/pa are my starting point in low cap themes so I avoid players that will break the bank.