I will try to give a little insight from what I know about licenses. Your PTC VAR would be the best place to get a full understanding.
PROE_EngineerIIAAX is a bundle of Creo modules with the added Advanced Assembly eXtension
This will allow you to do most of the Creo modules plus use Framework.
PROE_EngineerIII is a bundle that has more Creo modules than the II but does not allow access to Framework.
The 48, 231 and 282 are features that get added to Creo to allow access to those modules.
If you look in the license file itself, there is a section that looks like this:
#################### FLOATING License ####################
# Serviceable = Creo Enterprise SE (formerly Pro/ENGINEER)
# Feature Name = PROE_Flex3C
# Feature Version = 38.0
# Number of Copies = 6
# Expiration Date = permanent
# Optional Modules = NOTEBOOK
# Optional Modules = INTERFACE for CATIA
# Optional Modules = ASSEMBLY
# Optional Modules = FEATURE
# Optional Modules = DETAIL
# Optional Modules = INTERFACE
# Optional Modules = SURFACE
# Optional Modules = PLOT
# Optional Modules = LIBRARYACCESS
# Optional Modules = ECAD
# Optional Modules = CABLING
# Optional Modules = REPORT
# Optional Modules = COMPOSITE
# Optional Modules = CDT
# Optional Modules = HARNESS-MFG
# Optional Modules = PIPING
# Optional Modules = DATA for PDGS
# Optional Modules = SCAN-TOOLS
# Optional Modules = LEGACY
# Optional Modules = INTERFACE for STEP
# Optional Modules = WELDING
# Optional Modules = PHOTORENDER
# Optional Modules = PROCESS for ASSEMBLIES
# Optional Modules = WEB PUBLISH (> OR = 18.0)
# Optional Modules = Web.Link
# Optional Modules = SHEETMETAL-DESIGN
# Optional Modules = INTERFACE for CADDS 5
# Optional Modules = Mechanism Design License
# Optional Modules = Behavioral Modeling License
# Optional Modules = 4DNavigator License
# Optional Modules = Import Data Doctor
# Optional Modules = Design Animation
# Optional Modules = ModelCHECK License
# Optional Modules = Interactive Surface Design Extension Module
# Optional Modules = Mechanism_Dynamics
# Optional Modules = Design Collaboration
# Optional Modules = Pro/INTRALINK Connect Module
# Optional Modules = Creo Layout 3D Integration
# Optional Modules = Interface CADDS 5 Win
# Optional Modules = Creo Freestyle Design
# Optional Modules = Creo Options Modeler Basic
# Optional Modules = Creo Unite
# Optional Modules = Mold Analysis Lite
INCREMENT PROE_Flex3C ptc_d 38.0 permanent 6 \
60A0A0006E7E779566A2 VENDOR_STRING="VSVER=2.0 \
LO=(0,3,6,7,10,17,32,34,40,45,48,51,52,55,57,61,62,63,66,69,71,73,97,106,108,115,126,127,128,133,135,137,158,188,191,210,247,292,324,325,329,336,347)" \
SUPERSEDE DUP_GROUP=UHD vendor_info="VIVER=1.0 \
EXTERNAL_NAME=" ISSUER=PTC ISSUED=05-jun-2020 \
NOTICE="<erased>, \
<erased>" SN=4A1090256 SIGN2="1533 DD31 305F 634B \
CDC2 1D48 E042 FFBA 575B 310C DA3D A703 A32E FBF9 \
85A8 0E12 2A08 5778 041A D627 BDCB 49F9 CB52 ED3F \
7CE2 4236 88A5 A293 8D3C 1A01"
The option modules are what is included in that bundle and the LO= is just the module numbers of the named modules above.
You may be able to upgrade your existing II/AAX bundle but it would not be to a III, but a Advanced Design Plus. It would also convert from an owned license to a subscription with an annual payment. That would also allow you to upgrade to Creo 7.
