EP stands for effort points, and GP for gear points. Effort points are gotten when bosses go down, being on-time etc. and gear points when you receive loot. The more EP's you have; the more effort you've made in raids, and the more GP's you have; the more you've gotten loot.
The EPGP addon uses those two factors to count the priority order.
Min EPs means how many Effort Points you need to have before you are allowed to compete for loot (of course if you have less than that, but no one else wants the item you can get it).
You can see DKP in real time with the epgp addon.
Sorry if not updated all the time.
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