I think the relative definition of load is the percentage of air flow compared to WOT at that engine speed, and the absolute load is the percentage of air flow compared to cylinder displacement, which is like volumetric efficiency.
About PID Calculated Load Value » OBD-II Resource
Here's some good discussion on it.
https://www.physicsforums.com/thread...e-load.703167/
If you have a BSFC map, you can use that load and rpm to figure out engine efficiency.