The log pane presents information related to your activities. There are two possible tabs within the log pane: Log and Dashboard, each of which is optional.
The Log tab shows Perforce commands that have been used by P4V in response to the actions you have carried out. The contents of the Log tab are controlled by going to the Edit | Preferences | Logging menu option as shown in the following screenshot:
An action such as pressing F5 (or going to View | Refresh All) refreshes the current view, this will result in various p4 commands being executed, and their results can be seen in the log tab.
In the following log example ...