My PC can run 120FPS but only on variable settings. Does it mean I cant participate in 120FPS category?

Just use variable and it's good, you just need to cap at 120 fps via nvidia conf for example or a third party app, as you want

Wow I didnt know it works that way. I take it that configuration is accepted by moderators?

Thanks for the tip.

Yep the configuration works this way for a lot of Resident Evil Games (RE1HD, RE2R, RE3R) where you have the choice between 30, 60 or Variable, where variable means variable in the game but for RE speedrunning means 120 fps cap.

Thanks. Now i can participate in 120FPS category.

I tried setting 120FPS limit in Nvidia control panel. But I still get variable FPS.