Texel Density (Packing)
The Texel Density panel is available in the Other Tools multi panel as it also provides features not directly used during packing:

You can make the packer automatically set texel density for the input islands before packing by enabling Set TD Before Packing and adjusting the Texel Density (px/m) option.
When Set TD Before Packing is enabled and the Texel Density (px/m) is set to a value greater than 0, the packer will scale the islands before packing to set the requested texel density (unit to use: px/m). After setting texel density, the given islands will be packed with fixed scale (they won’t be scaled during packing in order to maintain the requested texel density).
Texel density is calculated using the Texture Size property available in the Pixel Margin subpanel as well as in the Texel Density panel.
If the Texel Density (px/m) value is set to 0, texel density won’t be set - islands will be packed in the usual manner.
Note that both options: Texel Density (px/m) as well as Texture Size can be overridden on a per-group basis when using a group-based packing mode.
If the Arrange Non-Packed Islands option is enabled, islands with texel density set that cannot be packed (due to lack of space), will be arranged in a line above the target UV area after the operation is complete.