WebPageTest refers to performance testing of web pages by usage of the infrastructure of webpagetest.org or similar self-hosted infrastructure.
Webpagetest(WPT) was created originally at AOL by Patrick Meenan in 2008 and is now backed by prominent technology companies like Google. WebPageTest(WPT) is the swiss army knife for measuring your site's performance. WPT is FREE and open sourced under the free BSD license!
At its most basic level, WPT measures how a particular web page loads. As the page loads, a number of useful metrics are captured, cataloged and then displayed in various charts,graphs and tables which are useful for spotting performance delays. These metrics and visuals can help solving important performance related issues. WPT has tools to analyze lot of things and some important metrics are the platform to use (desktop vs mobile), browser of interest (Chrome, Firefox, IE, etc), and even the geographic location. There are lot of other tools available as well.
More information can be found in their official site.