Member segments let you save specific sets of filters in the member directory to use elsewhere in the admin dashboard. They can be simple:

Or more complicated:

Once you have a set of filters selected, click the "Filter" button. You'll then see the "Save Segment" button at the top of the directory.

You can name your segment and choose to save it as a private one (only you can load it) or a shared one (any steward and load it).
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You can use segments are used in the Insights tab of the admin dashboard, the interactions directory, and the member directory. You can also use segments to display campaign banners and digest inserts only to specific subsets of your membership.