There is no emotion there is peace.
I think these means that when dealing with those situations that push as as people and define our character, our purpose in life, a Jedi, would not let emotion bring him to a rash or impulsive decision. This leads to mistakes on many levels from putting yourself at risk for death but more importantly others. Emotion does not make you stronger but sloppier in movement, sloppier in thought. Internal peace, or peace of mind would allow for faster reactions, but also clear thought. With training, clear thought would also be much faster, in the moment decisions,which in the case of the Jedi would allow them to trust in the force and give themselves to its will.
There is no ignorance there is knowledge.
To act on ignorance creates pain and suffering. The more knowledge both general and specific the more likely the bigger picture will be seen. To serve relates to being just and how can a wise decision be made without complete knowledge, or as complete as can be ascertained. Judgments must be made especially when times are tough and lives are on the line. This level of responsibility requires clear thinking. Think before your act is a simple way of saying this idea. Think of young children or teenager who act impulsively and think they know what they are doing. Adults offer advice based on experience/learning because mature adults see where their choices can lead and act on this. The more knowledge the more likely we make a better decision. For Jedi and what they represent, they have to act in knowledge. This relates to having no emotion.
There is no passion, there is serenity.
There are multiple ways to look at passion. Passion, however, can blind us to reality. We all have been with someone for the wrong reasons, or had a friend who really was not good for us, etc. Sometimes when you get so involved in your work your vision becomes so narrowed you miss the bigger picture. This speaks to a Jedi to not get carried away with any idea but be prepared to be open and receptive to the will of the Force. It is only with serenity that the Jedi can keep their thinking and action true. Serenity would help with both clear thinking and maintaining inner peace. Again the responsibility of the Jedi is beyond the immediate problem. Passion also implies ego or what you want and at your pleasure. This is not they way to serve, its the thought of others, Jedi strive for.
There is no chaos there is harmony.
I think this is related to the Tao or the way in Chinese philosophy. Taoist to my understanding do not act against nature or the will of nature. They try to maintain a balance. Idea of flowing with the current not against, or at least redirect as opposed to facing head on. This would disrupt the will of the force to allow chaotic thoughts or actions to guide you because your facing down a raging river. But in harmony even the smallest force can defeat a much larger one. It is with training (knowledge), a serene mind, a mind at peace that true harmony exists. This may mean its time to act or its time not to act. The Jedi in the movies where lead to war through chaos. It weakened them. Listening to senators blindly also was chaotic, not harmonious. That is partially what lead to their unfortunate downfall.
There is no death there is the force.
This means that the more in touch with the force a Jedi becomes, there is no need to fear death, because they are more then their lives. They are connected to everything, thus they are everything, yet they are nothing. Luminous being we are, at least according to Yoda. Beings of light, return to the light, of the force. They are never truly dead, because they are more then their bodies. There is a collective they are apart of, and depending on their mastery of the force and their level of knowledge, serenity, peace, and harmony the more aware they become as part of this collective such as Yoda or Obi Wan force ghosts. The force ghosts are like the ultimate level of achieving the mind, body, spirit of the code, the perfection of the Jedi ideal.
This is just my opinion and I'm no authority by any means. I just love the idea of a lightsaber :)