They are referring to Font Size as used in Typefaces for Typography.
You can read about it here: Wikipedia: Typeface
The size of typefaces and fonts is traditionally measured in points;2 point has been defined differently at different times, but now the most popular is the Desktop Publishing point of 1⁄72 in (0.0139 in/0.35 mm). When specified in typographic sizes (points, kyus), the height of an em-square, an invisible box which is typically a bit larger than the distance from the tallest ascender to the lowest descender, is scaled to equal the specified size.[3] For example, when setting Helvetica at 12 point, the em square defined in the Helvetica font is scaled to 12 points or 1⁄6 in (0.17 in/4.3 mm). Yet no particular element of 12-point Helvetica need measure exactly 12 points.
A note...72 as stated in this Wikipedia article is what WinForms used. WPF switched to 96.
As for the second part of your question, I found this resource from an MSDN Link:
FormattedText formattedText = new FormattedText(
textBox1.Text.Substring(0, 1),
CultureInfo.GetCultureInfo("en-us"),
FlowDirection.LeftToRight,
new Typeface(textBox1.FontFamily.ToString()),
textBox1.FontSize,
Brushes.Black
);
... formattedText.WidthIncludingTrailingWhitespace;
... formattedText.Height;