The Agent Duration records how long the agent has spent working on the interaction. This timer can be paused, restarted, or reset.
The System Duration records how long it has been since the Interaction form was first opened. This timer cannot be paused, restarted, or reset.
The Wait Duration records how long the user waited before getting in contact with the agent. This is pasted to this form, usually with an ACD system, and is displayed for informational purposes.