A rifle that is capable of putting the bullet EXACTLY where you want it to go with every shot, for as many shots as the situation dictates and is generally a term applied to rifles assembled and used for fullbore competition where best scores are only possible with beyond-sporter accuracy (Benchrest, F-CLass, Target Rifle, Match Rifle)
I would put the term in context with the other choices...
Sporting or hunting rifles (Stevens 200, Remington 700, Tikka T3)
Varmint Rifles (Reminton SPS Varmint, Tikka Varmint Savage LRPV)
"Tactical Rifles" (Savage 10FP, TRG, Milspec 5R)
That is not to say these rifles aren't capable of "Precision", but they are not built nor intended to be sub-quarter MOA precision rifles.
Having said all that, the definition appears to be in the eye of the beholder, because the number of $350 Stevens rifles and $500 SPS rifles discussed in this forum and being sold under the "Precision Rifles for sale" Equipment Exchange rather makes the real definition moot.