Semivariance is equal to half of the variance of the difference in a variable's values at a given distance. That is, the semivariance is defined as: \(\gamma(h)=0.5*E[X(s+h)-X(s)]^2\), where \(X\) is the variable of interest, s is a location, and h is the distance from s to another location.
An empirical semivariogram is a good tool for diagnosing the kind of spatial relationship that can best describe the data. With a view of the empirical semivariogram, a user can consult images of parametric semivariograms to determine whether an exponential, Gaussian, or other powered expoential function fit the data well, or if another style of semivariogram works better. Examining this also allows the user to develop priors such as the approximate split in variance between the nugget and partial sill as well as the approximate distance of the effective range. Semivariograms are explicitly tied to a corresponding spatial correlation function, so determining the former automatically implies the latter. See Banerjee, Carlin, and Gelfand for a fuller explanation, as well as a guidebook to semivariogram diagnosis (2015, 26-30).