I've never heard of it. But I haven't seen a moulded piece with this kind of strapping on the surface before either.
I just know what "satin airtrap" looks like.
Can you tell us where you found the term? You'd be teaching me. 
Ah, I understand. So I using a Google Image search to find similar vases and someone described a similar one as "cut velvet", and when I looked up that term it seemed to come up mostly with raised diamond pattern vases that looked like this one, instead of the flatter version I'd been seeing.
And then catshome was kind enough to share this link(
https://www.slideshare.net/mobile/munciepots/phoenix-glass-companys-celebrated-webb-glass-18831888) earlier today, and on slide 73 they show several vases in a similar style and it's apparently called Phoenix Glass Company's "'Cut Velvet' Line" so as far as I can tell it's an appropriate term. I just really love this raised style so anything that makes it easier to search for in the future makes me happy!