"Master" is default factory BIOS #1.
"Slave" is slightly adjusted BIOS #2.
Don't let the terms "master" and "slave" make you think of the old IDE days. It's nothing like that. Master has no control over slave. The cards don't talk to eachother about their BIOS switch positions. It doesn't have anything to do with SLI functionality particularly. It is just BIOS choice 1 or BIOS choice 2.
You can operate the cards as master, master. Or, slave, master. Or master, slave. Or, slave, slave. Whichever choice you make, the switch position for each card only affects the behavior of that one card.