Plain English Meaning
An LPV is a satellite-based approach that guides the pilot down to the runway with both side-to-side and up-and-down steering, getting the airplane almost as low as a traditional instrument landing system would.
Full Definition
A type of GPS-based instrument approach that provides both lateral (left-right) and vertical (up-down) guidance to a runway, using the Wide Area Augmentation System (WAAS) to deliver accuracy comparable to an ILS approach. LPV is classified as an approach with vertical guidance (APV), not a precision approach in the formal ICAO sense, but it allows decision as low as 200 feet above the runway at suitably equipped airports.