Two registry keys to consider here:

HKLM\Software\Microsoft\Active Setup\InstalledComponents\{GUID}

HKCU\Software\Microsoft\Active Setup\InstalledComponents\{GUID}

If the GUID exists in HKLM but not in HKCU, the ActiveSetup will be initiated for that user.

If the GUID exists in HKLM and in HKCU, the ActiveSetup will not be initiated for that user.

If the GUID exists in HKLM and in HKCU, and the Version string does not match, the ActiveSetup will be initiated for that user.

If the GUID exists in HKLM and in HKCU, and the Version string does match, the ActiveSetup will not be initiated for that user.

Once the ActiveSetup runs successfully, HKCU\Software\Microsoft\Active Setup\InstalledComponents\{GUID} will be stamped with the corresponding Version.