Usually this refers to the autocorrelation coefficient.
Consider any 1D signal with periodicity $\pi$.
Now let's look at the autocorrelation integral:
$$R(\tau)=\int_{-\infty}^{\infty}\! f(t)f(t-\tau)\,\mathrm{d}t$$
For varying $\tau$, the autocorrelation will have a maximum for $\tau$ equalling $\pi$ and its multiples. Thus autocorrelation can be used to study the periodicity of a signal.
This is often sort of colloquially used to indicate that certain parts of a signal are very similar or even identical.
The analogue for two different signals would be the cross correlation. It can be used to study the similarity of two separate signals.
$$(f \star g)(\tau) = \int_{-\infty}^{\infty}\! f(t)g(t-\tau)\,\mathrm{d}t$$
In case of the cross correlation $\tau$ has no significance over periodicity of the single signals but if for a given $\tau$ the correlation is high, $\tau$ indicates the phase shift between the signals.