Plain English Meaning
LPV is a satellite-based approach that guides the aircraft down to the runway with both side-to-side and up-and-down guidance, much like an ILS, but using GPS corrected for accuracy by ground-monitoring stations.
Full Definition
LPV is a type of GPS-based instrument approach that provides both lateral and vertical guidance to a runway, using corrections from a Satellite-Based Augmentation System (in the United States, WAAS). It is classified as an Approach with Vertical guidance (APV), meaning it gives similar to an ILS but is not certified as a . LPV typically allow decision as as 200 feet above the runway when the , signal coverage, and are met.