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This group of attributes can be added to File and Substance textures to control their filtering.

Override Texture Filter – Override the default texture filter that V-Ray chooses based on the Maya attributes of the particular texture node.   For more details, please see the the V-Ray Filter Interpretation table below. 

Texture Filter – The V-Ray internal texture filter. See the texture filters examples below for a visual representation of the differences.

Nearest – The nearest texel from the map is taken, without any interpolation. 
Smooth – The colors are computed with bilinear interpolation from the texels.
Smooth with mipmaps – Pyramidal MIP map filtering is used to compute the texture color. 
SAT – A summed area table is used to compute the texture color.
Elliptical – High quality anisotropic MIP map texture filtering that reduces blurring and aliasing artifacts.
Sharp mip-map filtering – Sharper and more accurate version of the Smooth with mipmaps. Produces results that are closer to the results with disabled filtering but with less AA samples required.

Smooth Method – The V-Ray internal texture smooth method.

Bilinear – The image values are interpolated from four pixels in the bitmap. This is the fastest interpolation method, but the result is not continuous (non-smooth) and may produce artifacts when the map is used for displacement or bump mapping.
Bicubic – The image values are interpolated from sixteen pixels in the bitmap. This is the slowest method, but the results are smooth without too much blur.
Biquadratic – The image values are interpolated from nine pixels in the bitmap. This method is faster than the Bicubic interpolation, but may smooth the image too much.

V-Ray Filter Interpretation

For example, if a File node is used and Override Texture Filter is off or not added, V-Ray looks at the Maya Filter Type attribute. Here's how V-Ray translates the Maya filters to V-Ray filters: