This is a flux ratio of the best-fit model to the simulated spectrum. The flux of the best-fit model was scaled using the broad-band photometry (PIPE2D-838). It is distributed around 1. There is a systematic offset in the blue part at ~400 nm. This comes from stellar typing. In this case, the simulated spectrum was generated at Teff=7000K, logg=4.5, [Fe/H]=0, [a/Fe]=0, while the best-fit parameters are Teff=7069K, logg=3.69, [Fe/H]=-1.5, [a/Fe]=0.6. 

This is a resultant flux calibration vector of the above case. The flux calibration vector is a ratio of the best-fit model spectrum to the input spectrum. Here, the atmospheric absorption and the quartz flat were applied to the input spectrum.