The Evermotion team shares a two part look at better understanding Displacements in V-Ray, demonstrating the basics for setting up V-Ray Displacements in general, and shows high precision displacements as well as basic material setup.

the topic of creating displacement maps in 3dsmax and setting up the Vray displacement mod for high precision displacement, as well as a basic material setup

This shows how to generate displacement maps from geometry in 3ds Max and use that to displace a patterned texture for fabric or cloth, using V-ray for rendering a fairly realistic table cloth.