There isn't really a lot as far as requirements go. The original IBM PC 5150 can boot MS DOS 6.22 from a floppy - although features like EMM386 and HIMEM wont be usable.
But here is very very basic feature list, just taken from my head while I had a spare few minutes:
- DOS 1.x - meh
- DOS 2.x - yey directories and support for a 10Mb hard drive [great on floppy based machines]
- DOS 3.x - woo built in support for bigger hard drives, a few enhancements making it more suitable in networks, and depending on sub-version support for newer floppy types [great on most 8088 machines]
- DOS 4.x - someone is getting fancy - DOSSHELL (that's DOS Shell, not DOS HELL, although some might argue) option with task-switching, support for hard drive partitions bigger than 32MB
- DOS 5.0 - QBASIC and EDIT turn up - more modern / user friendly than GWBasic and EDLIN. HIMEM and DOS=HIGH was added - good on 286+ machines with extended memory. [great on 286's with XMS]
- DOS 6.x - EMM386 further helped with memory on 386+ systems, plus numerous additional features like disk compression, defragmentation tools, anti-virus, etc all part of the OS. [great on 386 and higher PCs]
Obviously that's not a complete list, but for practical purposes that's usually what goes in my head when picking what boot disk I should use.
Edit: As AO mentioned, if you're just trying to pick what version to use, telling us more info would be good