I see these as a sign of awareness of the consciousness. Something is clearly happening and I believe that it is always happening, but when we meditate we can become aware of it, because we are no longer distracted.
For me it's usually an unaware experience, like I dream for 10 seconds only to realize it shortly after and I am kicked out of the experience immediatelly. I have closed eyes both when in this experience but also when I regain awareness of the physical world and I get kicked out.
So it's completely experienced through my mind's eye, just like you can look at this computer right now and at the same time imagine a Pikachu.
The content is usually strange non-sensical things and thoughts like "This screwdriver doesn't match a red carpet in the rain" as I view a woman in a red dress eating pizza.
I really like these experiences, because they are really entertaining although, they are just one part of the fun exploration of our consciousness.
The exact structure of on what focus your consciousness has during this time is not something that I can answer (yet).
Thomas Campbell and Robert Monroe and Frank Kepple did however made a model of consciousness.
But as a practioner that enjoys exploring, I think it would be more fun to gather your own experience and create your own model.
Just like a map of an open world videogame slowly becomes more defined the more you experience, so will your map of the consciousness. 
Peace!
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