As I build my applications I would like to know where I am at with the memory pool in the chosen board or processor. I think I already see this but just want to be sure.
Sketch uses 18676 bytes (7%) of program storage space. Maximum is 253952 bytes.
Global variables use 1432 bytes (17%) of dynamic memory, leaving 6760 bytes for local variables. Maximum is 8192 bytes.
Does this mean I am using 7% of the available ROM and 17% of the RAM available in the target board or Arduino processor?
Yes, to start with - that's the situation the moment your processor starts running your code. However, many actions your code takes will consume more memory. There are libraries that will help you monitor that dynamic performance. One is mentioned here,