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The term 'replacement set' is most often used in algebra, often when describing variables used in inequalities. It is the set of possible values for a variable to hold as "input". So, if we have two variables; M is greater than 6, and N is less than 9, and then some variable X which we know is between them, we can quickly deduce that X is somewhere between 6 and 9. The Replacement Set for M is the set of all numbers greater than 6 (going on to infinity). The Replacement Set for N is the set of all numbers less than 9, going down to zero and negative infinity. If we take both the replacement sets and see what they have in common, we get the set of all numbers that X could possibly be.
In scholastic work it may mean all the possible numbers you reasonably could "plug in" while getting X. Sometimes they will give you a table of numbers to try, and call it the Replacement Set.
If you can plug in any number you like, then the Replacement Set is the set of all numbers. It could be limited to odd numbers, or to 'any number greater than 6', or, if eg. you only sat tables of 8, then your inputs for number of guests would be limited to (or predicted to be) multiples of 8.
I believe it is completely equivalent to the term 'Domain', but as I said before carries with it a connotation of being used with inequalities, or with a discrete list, like a table of inputs.
Sometimes, perhaps most colloquially, it means the set of numbers you currently have the hunch will solve your problem.
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