Giving this a try.
P= power
V= voltage
I= current
R= resistance
So, when setting to voltage, its V = I x R
When setting to power, it's P= V x I
So that explains why the power setting has a wider range than voltage, which is usually 3 - 6 for voltage and 3 - 15 for wattage, but both basically have the same function which is to control the current around the circuit.
Pardon me if I got anything wrong, just remembering what I can.