This article will give you more information on design versions is managed within ProjectWise Design Review. ProjectWise Design Review gives you the tools to effectively visualize and manage the different versions of your designs.

The versions in the design review are entirely separate from any versioning system that is employed in your Projects system. It is entirely manually controlled. you as a responsible person for the iModel on your project get to choose how many versions are created. the name of those versions and when they are created. 

If it happens that you're not using any versioning within ProjectWise this will give you a way to clearly understand design progression.  if you are using the workflow rules engine in Projectwise or the basic versioning system that exists in ProjectWise design integration, then you already have an environment that controls versions, and this should form the basis of your information management process.

Version Compare takes you through a step-by-step guide on using Version Compare in ProjectWise.