It is sometimes used as a statistical estimation of the number of unintended pregnancies in 100 woman-years of exposure (e.g. 100 women over one year of use, or 10 women over 10 years). It is also sometimes used to compare birth control methods, a lower Pearl index representing a lower chance of getting unintentionally pregnant.
The index is a calculation based on the observations of a given sample population. Thus different studies for the same contraceptive, will give different values for the index.