The MAC (Media Access Control) Address is the Ethernet address of your device. It should be globally unique and assigned by the maker of the Ethernet interface. It MUST be unique on your Ethernet network. If you have more than one Arduino on your network they can't both use { 0xDE, 0xAD, 0xBE, 0xEF, 0xFE, 0xED }.
The IP address will be the IP address of your Arduino. It must be within the address range of your LAN and must be unique within your LAN. You can leave out the IP address and let the local DHCP server assign an address. IF YOU SPECIFY AN IP ADDRESS (aa.bb.cc.dd) and don't specify both the DNS Server Address and Gateway Addresses they will both be assumed to be aa.bb.cc.01. If that is not the correct address for your DNS Server and Gateway Router you will have no access to the Internet.