So I've made an attendance template, and under 'Session Options' there is a field for 'Max Attendee Tabs'. I've set it low but it doesn't seem to do anything different when I was testing and added more users than tabs I allotted. Also, I don't see anything about a waitlist anywhere.
Sorry, just found it. Under the configuration for the RSVP Pro Component, you have to enable the options for 'Enable capacity tracking' and 'Allow waiting list'.
Once done, in the individual event, 2 new options show up for capacity and waitlist.