I assume that the limit of votes against a user is for each specific user. Many users could all vote on one user as long as they are within their limits.

Under the settings for reputation, there are settings for "upvotes/downvotes per day" and "upvotes/downvotes per user per day."

Is upvotes/downvotes the total number of upvotes or downvotes that can be made in a day and per user per day is the number of upvotes or downvotes that can be made on a specific user by each user per day?

I have the number of upvotes and downvotes per user per day set to one and the number of upvotes per day set to five and the number of downvotes per day set to one so each user can downvote once per day and upvote each user once per day with a total of five posts that can be upvoted.