Individual Relationship Area settings differ depending upon whether or not you are working with a Constituent Relationship or a non-Constituent Relationship.
Here are the settings for Constituent Relationships (the option for the Name Parser was added in version 5.5):
You are able to determine how an individual relationship record is processed if a match is found.
You can also choose whether or not to create records that have no first name. To learn how to use this functionality to suppress Individual Relationships, please see this knowledgebase article.
Should you have a unique identifier (such as an account ID), you can opt to use an alias for a lookup field. If you do this, you may need to also add an Alias mapping for your Individual Relationship Constituent record (see this section of the User Guide for more guidance or this video for a demonstration).
Finally, you can work with the Name Parser to separate a name field where the full name is in a single field. For more information on this, please see the full documentation on the Constituent Area Settings regarding this functionality.
Here are the settings for Non-Constituent Relationships:
The options available for non-constituent relationships work like those for the constituent relationships, so please see above for definitions for each of these options.