The Specular Render Element isolates the reflected light in the scene. This render element is an image that stores specular reflection (highlight) information calculated from the material's reflection value in the scene. Specular reflection is defined as the reflection of light from a surface in a single particular reflection, as opposed to a diffuse reflection which is reflected at many angles.
The brighter the area, the more highlight reflection the object exhibits in the render. Specular highlights will be colored if the Reflection Color parameter of a material is colored.
To use render elements, select from the Available render elements column and click the Add button to add the passes you wish to generate at render time. When you render the scene, the added render elements listed in the column on the right, will also render, which can be viewed from the VFB window's channel drop-down menu.
For more information on the parameters on this dialog, see the Render Elements tab page.