The IO-204 is continuously reading the analog voltages and comparing them against any channel triggers you may have set. The actual sampling rate varies depending on how many other things the module is doing (monitoring pin states, sending serial data, processing requests, filtering network traffic, etc). But it would definitely pick up an event that was a few hundred milliseconds long.
As for resetting a trigger once it's happened... if the voltage drops below the reset threshold immediately after the reading then the module will be ready the very next time it takes a reading. This may be in the range of a few milliseconds. This means that if you have a particularly noisy signal, you'll be getting unwanted triggers before and after the actual event. If this is the case you may be able to use a simple RC filter to get the result you need.