Spectral radiance is a measure of the amount of energy emitted by a surface in a specific direction per unit area per unit wavelength. It is crucial for understanding how blackbodies emit radiation across different wavelengths, as described by Planck's Law, which provides a formula to calculate the spectral radiance of an ideal blackbody at a given temperature. The concept helps bridge the gap between temperature and the electromagnetic spectrum, showcasing how objects radiate energy differently based on their thermal conditions.