The term is used in the context of analyzing a fault in a system that provides power to large motors. The analysis is essentially nothing fancier than an application of Ohm?s Law, though the mathematics is more complicated than most of us will ever use. The time period of interest is immediately after the fault, when the system responds to a sudden increase of current (i.e., flowing through the fault point), and before the motors have a chance to start slowing down. During that time, the system will respond as though the motor had a value of resistance (reactance, actually) that is different that you see while the motor is running, and different than you see several seconds later. The value of sub-transient reactance will influence the total amount of current that the motor will contribute to the fault point.
I do not remember the exact time period of interest, but it is much less than one second.
I have no information on typical values for any particular motors.
Someone else will have to take up the answer from here.