The benchmark is based on a two-minute sequence from Valve's Aperture Robot Repair VR demo and checks if the system is capable of running VR at 90 FPS. It also checks if virtual reality content "can tune the visual fidelity up to the recommended level," according to the description on the Steam page. 

The test actually provides three levels of results, "Not ready", "Capable" and "Ready", depending on the final score of your system and suggests which component is the actual bottleneck and should be upgraded if you are looking to get a VR-ready system. 

The system requirements for the benchmark are pretty close to those for the HTC Vive VR headset and include Intel's Core i5-4590 or AMD FX-8350, Nvidia GTX 970 or AMD R9 290, 4GB of RAM and at least Windows 7 OS. 

You can find and download Valve's new SteamVR Performance Test benchmark over at Steam.