I did some search cause i remembered that dolphin shows also internal game frames speed. Its called FPS. VPS is same as in PCSX2 FPS and what pandubz wrote, the refresh rate. Dolphin can raise cpu clock making more (internal game) FPS at still 60 VPS, of course if game is not capped by devs. PCSX2 also gained this ability for games that are too heavy for console and have less that 60 in reality.
But you can make things otherwise, lower console gpu/CPU clocks in both emulators in settings, making games lighter to console hardware thus needing less resources to emulate. But things not always may go just smooth. Some glitches may occur.
PSP also switches between 30fps and 60fps, different ingame and different in menus in ppsspp, but thats by design, probably because it uses lcd screen they are not tied to 50/60 refresh rate?
EDIT corection: i mistyped vps with fps..now should be oka?
But you can make things otherwise, lower console gpu/CPU clocks in both emulators in settings, making games lighter to console hardware thus needing less resources to emulate. But things not always may go just smooth. Some glitches may occur.
PSP also switches between 30fps and 60fps, different ingame and different in menus in ppsspp, but thats by design, probably because it uses lcd screen they are not tied to 50/60 refresh rate?
EDIT corection: i mistyped vps with fps..now should be oka?