Simply it is the (single voltage) CPU selector and speed jumpers (usually JP6,7,8). P54C are for Intel and IDT Cpu's of 233Mhz and under and the P55C are for Intel MMX, AMD K6's +, IBM/Cyrix's over 233Mhz. However there are some exceptions. These are usually for the Socket 7 Motherboards and some dual technology PII Slot 1's.
Most now are P55C and are automaticly set. The only thing to worry about is the CPU clock speed itself. Which on dual tech boards are on JP7.