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Admittedly, the documentation for the placeholders (i.e., the strings between @@) is a bit hidden. If you open the Help and go to the documentation for the LaTeX export, you will find a small section at the end called Inline Styles and Markers, which explains how to add floating figures to your documents (in the paragraph "Key to Graphic in Notes"). Basically, you need to format your note containing the floating image as follows:
key-image-width-caption
and enclose this formatting in the start/end tags of your image Inline Style. Thus, if the Inline Style tags for images are [[ and ]], you would insert [[key-image-width-caption]] (the width parameter is optional). In the regular text in the editor, you only need to add [[key]] at the position where the floating figure should be inserted. For key, you can use an arbitrary string (without whitespace) such as "img1", "overview" or "JamesJoyce".
During export, the placeholder @caption@ is replaced by the caption in the note and @label@ is replaced by the key.
The \ref{} tag is inserted at the location where you inserted the Inline Style referencing the Note (which contains the figure). For instance, if you write inside a paragraph
... For a depiction of the problem at hand see Fig. [[img1]].
then \ref{img1} will be inserted at the location where [[img1]] was and the actual floating figure (\begin{figure}...\end{figure}) will be inserted after the paragraph. Unfortunately, there is no way around the insertion of \ref{}. The idea is that the image is referenced in the text and the floating figure is the inserted afterwards.
I've updated the Ulysses help regarding this matter, hopefully things are more clear now.
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