This sets where the image will be rendered on the virtual EPS page. In page space, the lower left corner of the page is (0, 0), as in a conventional Cartesian coordinate system. ImageLocation is the point at which the lower left corner of the image will be placed.
In EPS, the notion of a page doesn't fully apply, but since EPS can also be rendered on a PostScript device, if this point isn't chosen carefully, the image may get clipped.
By default, ImageLocation is (72, 72), or one inch up and to the right of the lower left corner of a page.