Plain English Meaning
A pressure number, given by ATC or a weather report, that the pilot dials into the altimeter so it shows the right height above sea level.
Full Definition
The local atmospheric pressure value, expressed in inches of mercury (or hectopascals), that a pilot enters into the altimeter's setting window so the instrument displays altitude correctly relative to mean sea level.
Context Anchor
You encounter this during preflight cockpit checks when , and in when receiving updated altimeter information from or .