Albedo from scientific measurements always refer to full albedo reflection (specular + diffuse).
So for non-metallic materials, this is pretty much your direct linear multiplier value for diffuse albedo. ( example 0.5 means 128 RGB(linear)=186 RGB(sRGB/2.2gamma) ). If you use CoronaColor picker, the values are in sRGB/2.2 space.
For metallic materials, this refers to specular reflection albedo only.