There are different ways to expand a multi-electron wavefunction into a basis set. One approach is molecular orbital theory, where the building blocks are Slater determinants made up of single electron molecular orbitals. Another approach is valence bond theory where the molecular wavefunction is constructed from atomic orbitals. There are different ways of doing so and one approach uses a set of paired atomic orbitals wherea complete set of different independent pairing schemes are found from Rumer diagrams which are the mathematical construct corresponding to the different valence structures.
It often turns out that the electronic wavefunction can be approximated very well as a resonance structure, or, in modern terminology, a superposition of only a handful of valence structures. This makes the valence structures a valuable tool though they aren't unique.
The classic text to understand all this is still be book by Eyring, Walther and Kimball, Quantum chemistry.