It's clear that it is the ratio between a received power and the corresponding transmitted power.
It depends of antenna gains and link attenuation, that depends of distance, obstructions, etc.
it is necessary to view the context in order to interpret the meaning of the formula.
For example, if it is a CDMA system the raw ratio can be less than 1, but you must consider the coding gain on order to get the SINR at detection.
Regards