While each Auto EQ will have different controls or different terminology, they usually revolve around these elements:

Spectrum analysis 

Auto EQs use spectrum analysis to determine which frequencies to cut or boost. This is normally an automatic process.

Style preference and presets

Some auto EQs will have the option to switch between different algorithms. This allows you to choose different styles of equalisation to achieve different sonic qualities. Auto equalisers also often have different presets for different voice types, sounds or musical instruments.

Frequency

Some auto equalizer software allows you to sculpt the balance of frequencies, choosing which areas have priority. You may also have controls that set when the auto EQ is activated (a threshold control).