It is rms (root mean squared). If you take a root of an integral of the mean of squared sinusoidal waveform whose peak value is 325,22V over a period you find 230V.
Yes, I agree with Dr. Alan. 230 V (or whatever else value) is the rms value of the AC phase voltage. But, why do we use the rms value? We could use, for example, the maximum value. Usually rms value is used because this value is related with the power produced when this voltage is applied to a resistor R. This power is P = Vrms^2/R (this is the same expression is used with DC voltage, in this case it doesn't matter if you are using DC voltage or AC voltage). On the other hand, if you use the maximum value to define an AC voltage, if you want to compute the power or energy dissipated in a resistor you can't use the same expression of the DC voltage.
Most of Asian countries, single phase ac supply refers to 230V which indicates RMS voltage. In any appliance mentioning this indication comes the RMS value. If something else, for example peak value or peak-to-peak value, it must be clearly labeled in the instruction bar or information panel.
Another thing may be mentioned that when doing working with project and it needs to converter ac to dc or some values. it must be calculated on the basis of RMS values like most of students do calculation in wrong way to find the output of dc voltage.