This object is one of the parameters that need to be set before emsChangeAction is triggered. If the action is Switchover this specifies the IP address of the Manager that the sensor should switch to. If the action is Standalone-to-MDR this specifies the Peer EMS IP address and this will result in using a free entry in the emsTable. If the action is MDR-to-Standalone this specifies the future Standalone EMS IP address which should be one of the two EMSs specified in the emsTable. The acutal swithover or change in MDR opearation mode will be done when indicated by the Manager through the emsChangeAction object. Setting this object would reset the emsParamIpv6Address and emsParamAddIpv6Address objects.
Sources for this description
Multiple manufacturers; see the original MIB MIB copies (LibreNMS/Observium Community)