I know the Wake on LAN standard, but I don't understand what the wake on pattern match option means. What does this option mean?
"Wake On LAN" makes the system wake on the "magic packet".
The "Wake on pattern match" option instead checks for packets that matches the operating-system-specified patterns; for example, an ARP request for the computer's address, or a TCP connection attempt.
The default patterns on a Windows 7 system are:
(There's no ARP in the list since the device is expected to support "ARP Offload" – that is, reply to ARP requests with OS-set address by itself.)