Plain English Meaning
The knob or input you use to tell the autopilot what speed you want it to fly. Once you set a number, the autopilot works to hold the aircraft at that speed.
Full Definition
A control on the autopilot or flight guidance system used by the pilot to set a target airspeed or Mach number that the autopilot or autothrottle system will then maintain by adjusting pitch or thrust.
Context Anchor
Seen on autopilot, flight director, or mode control panels when setting a target speed for climb, descent, , or .