Yes, I would say that's an expression of percent predicted, meaning that based on sex, height and weight the FVC was 120% of the predicted reference. A word of caution though, don't go by percentage alone. It can be deceiving. Let's say that your are short and thin, your reference value will be lower, meaning that it will be easy for you to blow really high percentages. Also, numbers vary from clinic to clinic depending on what algorithm they are using. Furthermore, FVC isn't as good a measure of overall lung health. Look more to FEV1 and FEV25/75 and their trends over time.
In another thread I'm going to try and post my PFT printout and explain some of the numbers to those who might not understand. It can be a bit of a learning curve. Also, ask your resp. tech to give you a copy of your report, that way you can keep track of things on your own.