The minimum payout is defined as follows:

const MIN_PAYOUT_SP  = 0.001;
const MIN_PAYOUT_SBD = 0.02;

When you check the option Hide Dust Payouts, payouts below the dust threshold should not be shown in the list anymore.

As the current internal price of STEEM is ~ 0.21272 SBD, I'm pretty sure that your example would not reach the minimum payout. Important to know is that the blockchain first checks the payout amount based on the internal SBD price.