Plain English Meaning
LPV is a satellite-based approach that gives the pilot a precise left-right course and a top-down glidepath all the way down to landing minimums, without needing radio beacons on the ground.
Full Definition
LPV is a type of GPS-based instrument approach that uses the Wide Area Augmentation System (WAAS) to provide both lateral course guidance with localizer-like precision and vertical glidepath guidance to a published decision altitude. It is classified as an approach with vertical guidance (APV) and can have as as 200 feet above the , comparable to a , but does not require any equipment at the .