Plain English Meaning
The official way pilots and controllers are expected to talk to each other on the radio, using agreed words and formats so everyone understands the same thing the same way.
Full Definition
The set of approved words, phrases, and call formats that pilots and air traffic controllers use to communicate over the radio. These standardized expressions are published by the FAA (primarily in the Pilot/Controller Glossary and the Aeronautical Information Manual) and are designed to convey instructions, requests, and information unambiguously between all parties.
Context Anchor
Used in radio calls with air traffic control, especially when receiving, repeating, or asking about an instrument clearance.
Derivation
Phraseology' comes from the Greek 'phrasis' (a way of speaking) plus '-logy' (the study or use of). Combined with 'standard,' it literally means an agreed, uniform way of speaking — which is exactly : everyone uses the same words so messages cannot be misread.