I don't know if the drifters do anything different, but standard settings would be:
Game Controller Options (in Control Panel):
Degrees of Rotation: 720 at most, some people prefer less - the less you use, the easier it will be to drift (to a point, anyway).
Spring Effect: 0%
Damper Effect: 0%
Centre Spring Strength: 0%
Overall spring effects strength again is user preference, too little and you won't have any feel, too much and you'll be fighting it. Although it should generally help when countersteering.
Steer Centre Reduction: an awkward one. Personally I leave it at 0, so all cars have fixed lock-to-lock (not ideal, but I find anything over 540 degrees too much to race with) but it means steering is always completely linear, thus predictable which I found to help my car control.
I'd imagine you'd want maximum lock in your setups at maximum. Little ideas about other drift settings - there are plenty of drift sets about though, if you're familiar with drifting with the mouse then those sets should still work as intended.