Well I might not be entirely sure of this myself, but to me it seems
the gate mutes any sound that is softer than the threshold level, like
if the sound is at 50% volume and the threshold is 60%, it will get
muted. If the volume is 80% and the threshold is 60%, than the sound
will go through.
The P.EQ seems like it can lower or higher the volume of sounds at
different frequencies. Like if you have a recording with static, you
could mute the static with the P.EQ.
Thats all I can tell you, and like I said at the beggining, it may not
be entirely right.