You can create an object where you will keep your settings options

class my_settings(osv.osv):
    _name = "my.settings"
    _description = "Settings"
    _columns = {
        'name': fields.char('Setting name', size=64, required=True),
    }
    _sql_constraints = [
        ('name', 'unique(name)', 'Setting name must be unique')
    ]
    _order = 'name asc'

And in the main object of your module, you'll create a many2one connection to your settings table like this

class wtv(osv.osv):
    _name = "wtv"
    _description = "WTV"
    _columns = {
        'name': fields.char('Wtv name', size=64, required=True),
    'settings': fields.many2one('my.settings', 'Settings', help='Select an option from the dropdown'),
    }
    _sql_constraints = [ ('name', 'unique(name)', 'Setting name must be unique')   ]
    _order = 'name asc'

In your main wtv form view, when adding the <field name="settings" /> tag, a dropdown will be displayed with the contents of whatever is stored in the my_settings table.