That is horribly drawn!
Basically, it's a bridge rectifier (with one diode in one arm and two in series in the other for some reason) driving two opto-coupler LEDs. One opto-coupler does absolutely nothing, the other charges C1 while it is conducting. The high value variable resistor sets the time constant by providing a discharge path while the opto isn't conducting.
It isn't the most clever of circuits because C1 will be in charging up state for almost all the AC cycle. However, I doubt you can use it to measure pulses accurately. If you want to do that, you need clean pulses at the output of the optocoupler so short out R1 and replace RV1 with a fixed 10K resistor.
As it is, there will be an analog voltage across C1 which varies according to the value of RV1 and will only change as its value is made quite small. You can measure the voltage using the ADC but it wont tell you much about the pulses themselves.
Brian.