Basically there are 3 ways to define "grip" that make some sort of sense:
1) maximum cornering force achieved, which as such is allmost completely useless
2) coefficient of friction; rather hard to compare as it´s constantly changing, but its useful if you want to decide which tyre to choose
3) maximum g; now theres a number that can be used to compare almost any setup, car, whatever to whatever you´d like to use as a reference, up to and inclusing the maximum cornering g a chicken crossing the road can achieve
I consider grip to be absolute, whereas the coeffient of friction (or grip) is relative. Peak lateral gs is an acceleration and I wouldn't want to confuse that with the term "grip", although I agree it is the most useful figure of the bunch.