A pace calculator solves the relationship between three variables: distance, time, and pace. If you know any two, the third is determined. This calculator handles all three directions.
Find Pace is the most common use. Enter your race distance and finish time, and the calculator tells you the pace you ran (or need to run). This is what you use when planning a race: "I want to run a half marathon in 1:45. What pace is that?"
Find Time works the other way. You know your target pace and the distance, and the calculator tells you your finish time. Useful for goal-setting: "If I run 10K at 5'30"/km, when do I finish?"
Find Distance is for time-based runs. You have 45 minutes and plan to run at 6'00"/km. How far will you go? This is what coaches use when prescribing "run for 40 minutes at easy pace" and the runner wants to plan a route.