Saturation pressure is the pressure exerted by a vapor in thermodynamic equilibrium with its liquid phase at a given temperature. This concept is essential in understanding phase changes, as it indicates the point at which a substance can exist in both liquid and vapor forms without any net change in mass. It connects closely with the Clausius-Clapeyron equation, which describes how saturation pressure varies with temperature, providing insight into the thermodynamic properties of substances during phase transitions.