It's pretty much what it says, but if you've never seen a vector/waveform monitor setup, you won't realise what it is.
Slight diversion:
For analog colour video, as in TV production, you need some special calibration equipment, to make sure your levels and colours and bandwidths and whatnot are OK. The most important part here is a special oscilloscope that is adapted to show the video waveform.
You throw colour bars from the pattern generator (another special box) through the DUT and then you look at the signal on the vector/waveworm monitor, and twiddle the gain and EQ on your distribution amp until the proper levels (indicated on the graticule, I said this is very application specific) are met. Then your video will come out nice in the other end.
Have a look here:
https://w140.com/tekwiki/wiki/1731 and
https://w140.com/tekwiki/wiki/1721 Gorgeous pic:
So, what you've got is a calibrator for the calibrator. It will put out a signal that should end up right on the mark on the other special instrument.