Now to some this difference in this dichotomy might be obvious, but for those it's not then let me explain the difference from my experience. Here's a story of what happened to me yesterday that really got me thinking about this:

I was coming back from the suburbs after visiting my family for the day to help with some funeral plans (grandmother just recently passed) and I was sitting on the bench waiting for the CTA train. Headphones on, blasting music, minding my own business.

This girl walks by, I took a quick glance (looked cute about an 8), and she sits down on the bench next to me. I spend this time paying her no attention, laughing at my phone as I'm on this subreddit. Finally she taps me on the arm and I take out my headphones, and she asks me some bullshit question about the train (could have easily looked it up on her phone) and we shoot the shit with friendly conversation. Finally the train comes and I get up go in and take my seat without paying much attention to her, but she follows me and asks if she can sit next to me. Shoot the shit more laughing all that jazz. She mentions that she's close to her stop and that she'll have to get off soon and she takes out her phone and starts playing with it. Of course I tell her to give me her number and tell her I'll hit her up to make plans sometime soon.

About a half an hour later I got two texts from her saying how great of a time she had meeting me and how she wants to go out all that shit.

Now I don't share this story for a circle jerk, it's to illustrate a point. Let me give you some details about myself: Alcoholic (though I have 6 months clean). I'm probably about a 6.5 to maybe 7.5 on a good day when it comes to looks (I always dress nice, just because I like to look good). I don't have a job right now (though I am looking). I live in a halfway house. I'm 22 without a real college degree (though I am working on that as well, that is partly due to the first point). I'm skinny, but not really in shape (Started working out a little more recently though). And I'm 5'9'' on a good day.

Objectively my true SMV is pretty damn low, but when I go out I make sure my Perceived SMV is much higher. And see, that girl I described only saw my Perceived SMV. Improving your True SMV will help you build confidence thereby increasing perceived SMV. But remember, you are in control of your perceived SMV regardless. It's dependent on your frame/confidence and how you carry yourself. Does it suck I don't a job yet or that I'm not going to school at the moment? Sure, but that doesn't have to stop your game. Your Perceived SMV can be whatever you want it to be with the proper control. You don't need to let anyone know of your True SMV, that number can be yours and yours alone. Use it to boost your Perceived SMV but don't let it control your Perceived SMV.

TL;DR: True SMV= Your objective internal SMV what it would be given all the variables. Perceived SMV= The SMV you carry yourself with/demonstrate to others. Increase your True SMV for you, but Perceived SMV is the focus for others.