vfstamp,
yours is a good question, which opens up a door into a lot of granularity which may be overwhelming or boring. Or it might lead you into something interesting and challenging. Bujutsu nailed it with his reference to Ludlow's amazing book--really the bible of TPOs/RPOs.
Years ago, I bought a bunch of covers that had these RPO wierd cancels and (like you) I tried to understand what the heck they were and what the heck "RF" meant. This led me to an expert like Bujutsu and it sort of overwhelmed me. Eventually, I bought Ludlow's out of print book and sort of devoured it--and now it comes in handy for cataloging every single aspect of Canadian and provinces cancels (ship, train etc). The guy catalogued like everything down to directions of trains, even photocopies of the cancels themselves. its definitive. if you or anyone has less than 10 railway covers, its probably not worth it. But if you have more than this (or an interest) I would google it and buy it.
Near as I can tell the Rarity Factor (RF) is as Bujutusu touches upon--based on exemplars of the use. so its a rule stick not a catalog pricing like in Scotts or Unitrade. What I do know is that if I see a cover on
ebay with an RF of 300 or 400 or 500--I will pay top dollar...or at a trade show, dealers who know the RF command a premium and lower RF's like below 200 in my view have no premium--the cover is just worth what it is worth on the stamp.
in the meantime--if you post the images of the covers, I will gladly give you all the data from my Ludlow.