The advanced workflow component (in the other category), Await approval is a component, that has been added for installations, that have chosen to use versioning and combine that with approvals.
The Await approval component has no parameters:
This workflow component is intended to be used in a workflow, which automates the approval process, and such a workflow is of the workflow input type, Start approval process.
This workflow will be started whenever a versioned resource has been changed in a system in which approval has been activated for this specific resource type.
The workflow will stop when this component has been executed and will only continue after the change has been approved.
This component is linked with the component, Complete approval process which can be considered to be executed as the next component. An example for an approval workflow can be found here.