That one is an automatic room equalization, it's different from speaker equalization and it probably should be done after speaker equalization. But it's more useful for the end user.
Room equalisation is about counteracting the effect of the room and the placement of the speakers. For example, when a speaker is close to the wall, or in a corner, low frequencies are amplified, even if the speaker on its own has a flat response cureve, so you would reduce low frequencies to adjust for the room.
By room equalization, do you mean normalizing volumes between different rooms, or...?