Dielectric loss simply means the energy losses/ dissipation associated with the dielectric relaxation.
Now there is a specific lag between the application of electric field and the corresponding polarization alignment. It doesnt happen instantly. That lag is basically representing the tangent loss and is directly related to energy dissipation.
Read the below article i have published to see the difference.
if you have a periodic changing field, you can measure a complex quantity. This complex quantity can be separated into two units, which describe the stored energy and the dissipated energy (dielectric loss in your case, as Muhammad Zarrar Khan mentioned).
The phase lag can be expressed as the ratio of the lost to the stored energy. You can find similar in (shear) rehology, where an sinusoidal mechanical field is applied and the quantities (complex mechanical modulus E* or shear modulus G*) can be separated into the part describing the stored energy (E' and G') and the dissipated energy (E'' and G''). There is also a loss tangent, which is a measure of damping in the material.