Documentation for JIRA 4.0. Documentation for other versions of JIRA is available too. 
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In order to rename the "Priorities" text in the issue navigator, you may need to edit the following properties file in the language pack:
com/atlassian/jira/web/action/issue/IssueNavigator_en.properties
The following property value in the Issuenavigator_en.properties:
navigator.filter.matchingpriorities
For more information about Customizing Text in JIRA, please refer to Customizing text.