Transferrin saturation, or iron saturation as it is also called, stands for the ratio between P-Iron and P-TIBC (total iron binding capacity). This is measured to give a good overview of the body's iron stores and thus be able to detect any deviations.
A low transferrin saturation can be seen in iron deficiency. If you have an excess of iron (as in, for example, hemochromatosis), an increased transferrin saturation is reported.
Iron saturation can only be calculated if you provide a blood test for iron and ferritin at the same sampling time.