You will typically see 

"Preferencias" =  This translates directly to "preferences". This isn't very technical but you  will still see it used very often in software and applications. This relates more to things like colour, size, volume, etc.

 or 

"Configuración" = This translates directly to "configuration" and is slightly more technical and typically refers to actual elements that make to a program's behaviour such as "wireless details", video source, etc.