They have nothingto do with HDD capacity, Recording ratio, HDD overwrite. Recording priorities are related to recording quality.
1. Event when full-time recording : Event recording quality
2. Panic recording when full-time recording : Panic recording quality
3. Panic recording when event-recording : Panic recording quality
4. Event when Panic recording : Panic recording quality
> There is no option to overwrite ‘Panic Recording’ at the end. Use ‘Recording data protection’ function.