The left image is the old color management dialog, with this setting it will properly display the RGB space of sRGB and the CMYK space of CMYK US negative proofing to my custom monitor profile without selecting soft proofing. The two red circles are the profiles used, CorelDraw used (if memory serves) a dot gain of 1.8 for grayscale but this was not user managed, a point completely missed in all other CorelDraw color management writings.
The pre X5 versions were APPLICATION COLOR MANAGED, what that meant was that ALL DOCUMENTS opened or imported into CorelDraw or Corel Photo-PAINT would be considered as RESIDING IN THE APPLICATIONS COLOR SPACE. At this time Corel could not do it any other way and unfortunately until I wrote my book on X4 and older versions those who did the writings on Corel color management seemed to do so on a theoretical basis rather than by really testing the application with files to see what REALLY WORKED.
Unfortunately CorelDRAWS color management dialog was significantly dysfunctional and this went unchallenged until my book. It would work in an assumed native color space work flow in professional digital from end work flows in X3 and X4 as PDF, previous versions V12 and older with CMYK color data in driver based or EPS output. In all other functions is was incorrect except that RGB images could have embed profiles and be sent out for output.
As Phil describes it the two red circles would be what he calls the working spaces, once the file is open or imported they are just the document profiles, in the top right image the red rectangle shows the same settings, although Corel now supports grayscale profiles. With these settings the old dialog and new are set to the same, (the old dialog had some very interesting issues with rendering intents that are not displayed here that must be dealt with) application speaking.
The lower right image has the DOCUMENT COLOR MANAGEMENT DIALOG, ( versions X4 and older could not provide these features), note it shows the document and the application color profiles, it is here under EDIT DOCUMENT COLOR SETTINGS that you would change the documents profiles or as Phil calls them the WORKING SPACES. This will change the documents color spaces and the profiles it will embed when you save or export the file. The application setting will be UNCHANGED IN THIS DIALOG.