Plain English Meaning
LPV is a satellite-guided approach that gives the pilot both side-to-side and up-and-down guidance to the runway, much like an ILS, but using GPS signals corrected by ground stations for better accuracy.
Full Definition
LPV is a type of GPS-based instrument approach that provides both lateral and vertical guidance to the runway, using SBAS (in the United States, the Wide Area Augmentation System, or WAAS) to improve the accuracy and integrity of GPS signals. It is classified as an APV — an Approach with Vertical guidance — meaning it is not a in the traditional sense, but it provides guidance similar to an ILS. On a , the equipment code listed indicates that the is and equipped to fly LPV .