About composites
Currently, a composite is something that Workbench allows you do to virtually any component in a station, notably control points and objects, and even folders that contain control logic. When you make a composite, you expose slots of child components in the glyph (object shape) of that parent (composited) component. This can simplify linking and promote reuse of control logic.
When you composite a component (say a control point, meaning its contents), you select specific slots in child components (say, properties and/or actions of its extensions) to be exposed in the shape of that point. Then, when looking at that point in the wire sheet view of its parent folder, you can see exposed properties of children as linkable slots (and/or available actions).
Some composite examples
Point-level composite
Folder-level composite