Actually the P, or other designation on other rifles, is the rearmost setting on the sight. It is referred to as the Battle Sight Zero but it really has nothing to do with zeroing your ifle.
There are different procedures written on how to zero but essentially it all amounts to the same basic thing. If you have access to a 100m range use it. If you don't find one.
Anyway, set your target at 100m and set your rear sight to the 1, or 100m setting and zero your rifle to POA/POI. Once this is done, and assuming the calibration is correct on your rear sight and that you are using ammo that approximates that to which the sight was first calibrated, the rifle will hit to POA at the various ranges indicated on the sight.
The battle sight setting is simply there so that a soldier, in the heat of battle, without looking can quickly adjust his sight to a known value. This known value isn't precise. It is simply intended to allow the soldier to get hits on a human torso sized target anywhere between 0 and 300 meters out. I forget the exact dimensions of this but it is just a human torso size, or another words “in the ballpark”, and this is assuming that the sight was properly zeroed as I described earlier.
If it matter to you, the battle sight setting should be the same as the 300m setting, but the battle sight setting is much easier and quicker to find in a hurry.