Correct me if I'm wrong but this is how I understand it.
Points are in relation to how much work you put into the stuff you're sending your partner. IE 4 points is equal to 4 hours of crafting time. This can be made up with a 4 point item, or say a 3 point item and a 1 point item, 2 and 2 points and so on.
This link will show you a bunch of FAQ's which you might find useful http://www.craftster.org/forum/index.php?topic=229624.msg3712343#msg3712343
Thanks for the link, though all I could find was this:
"08. What are points as they apply to swap requirements?
A few organizers like to use a points system. A swap may be described as a "5 point or 7 point swap". This is allowed, but it is not a Craftster regulated system. If you are uncertain of what exactly a points system type swap entails, please contact the organizer of that swap for details."