An iso-activity 'line' (or surface in a quaternary system) of C in a certain solution can be seen as the collection of compositions where C has the same tendency to undergo a reaction.
The easiest example of this is the line for an activity equal to 1. On this line, the solution would be in equilibrium with pure graphite. Any activity higher than 1 would mean the solution is unstable, as at equilibrium graphite would precipitate out of the system.
Activities lower than 1 might also result in the precipitation of other compounds, for example Fe3C, although the point at which these compounds precipitate would depend both on the activity of C and the activity of (in this example) Fe. (This isn't a perfect example as Fe3C is actually a metastable compound)
I am not myself familiar with ThermoCalc. I know that FactSage has the option to calculate iso-activity lines on ternary diagrams.