That will depend on the application. The circuit measures the voltages, which are supplied by the power company as a 3 phase system or are supplied by a 3 phase motor controller. Measuring these voltages will not give a direct indication of the state of the motor. You can measure them even without a motor attached. But due to the impedances of wiring you will see changes in the voltages when a motor is connected and has a failure, e.g. a short circuit in one of the windings, which un turn will cause the voltage to drop.
What this circuit really does and which thresholds are possibly used in monitoring is impossible to say without knowledge of the rest of the circuit, Better yet: read the description from where you took that circuit.