Teg, G4FGQ wrote:
"Err, no, the meter is telling what it sees at the point of
measurement."

Yes, and that is a ratio depending on "rho", the reflection coefficient.

We know that rho equals:

the square root of reflected pwr / fwd pwr

And: VSWR = 1+rho / 1-rho

VSWR is a function of the reflection coefficient

You drive an automobile and glance at the speedometer. It is an
electrical meter giving an indication proportional to vehicle speed.

You look at an SWR (TLI) meter giving an indication calibrated to be
proportional to SWR.

Best regards, Richard Harrison, KB5WZI