There are all obtained via PL measurement system, PL intensity is the absolute measured value and normalized is normalized to make the maximum intensity to unity. The formula is (I-Imin)/(Imax-Imin).
Absolute value is good for comparison of PL intensity from samples. However sometimes when plotting PL from different samples, some plot may not be visible due to very low intensity. Hence, normalized plot is used so that all plots have the same maximum intensity (unity) and the peak wavelength position can be compared.
To understand the difference between PL ans normalized PL, let us consider an example, say, one may need to check the PL from front and Back side of a sample (in order to check the homogeneity), grown on a transparent substrate. In that case the peak intensity may not be same though there are emissions from the both sides. For that, one may need to normalize the peaks so that the peak intensity becomes unity (equal for both peaks). The way to normalize, is the same as mentioned in the above answer.