What does they signify and how to read them
As the name suggests, FreeStorageSpace means it's your RDS's storage(hard disk).
While Freeable memory is your RAM. If this is always low, upscale your RDS or optmize your application.
You can create alarms for both in cloudwatch. You can find both metrics while making alarms in CloudWatch->Create Alarm->Select Metric->RDS->Per-Database Metrics->FreeableMemory/FreeStorageSpace for the respective DB.
The alarms could be if FreeStorageSpace<20GB for 15 min send an email or if FreeableMemory <= 200MB for 15min send an email.
This is an overview, you can read more about creating alarms and setting up SNS here.