Hello Nicholas,
Bus Mastering is a concept where cards in a bus get "shortcut" paths to a system's RAM or maybe to a video card in the same bus.
A bus master card needs another card also capable of bus mastering to work. These two cards would be connected directly by a special ribbon cable.
As far as I remember there were just a few highly specialized cards (like video digitizer cards and such) available in the days of the Mac II that did take advantage of bus mastering.
Regards,
Walter.