Aurora is on version 7.1, available at the Aurora Forums.
Contact Erik on the forum for a wiki account.
This screen allows you to specify the component type and parameters of e.g. engines, sensors or laser guns you want to design. Your most advanced technology is selected by default. When you are satisfied with the component's parameters, you must create the project before your research labs can formalize the design allowing your shipyards or factories to produce them.
At the bottom of the parameter box you'll see the Development Cost for the project in Research Points.
While the game automatically generates names based on the parameters you select, it is advisable to give memorable names to components. For example, you will likely make between 2 and 20 variations of each engine technology, and it helps to name components according to their intended use. You could name a sensor having Resolution 20 the "Anti-Bug-Boat R35-20", or a large commercial engine the "XXL Freighter Drive".
The "Suggest Name" button just generates a random manufacturer name for additional flavour.