The term 'Gauge Setting' can be summarized as the process of adjusting the settings on a PANEL, which is typically done to ensure accuracy and precision. This process involves calibrating the gauges on the PANEL to the desired values, which can be done manually or with the help of automated systems. The five-letter solution for this term is 'PANEL', which refers to the device that houses the gauges and other components that are used to measure and control various parameters.