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What does "Refresh" mean?

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Not sure exactly but it may refer to newer things that were added to the Model Y such as the new center console. Additionally, they added dual-glazed side windows in the front, heated steering wheel, dimming side mirrors. The made in China Model Y has different door panels on the interior, not sure if that "refresh" has made it to US built Model Ys yet.
 
I think iamnid is right. Essentially, Tesla have been changing models mid-year. They have not typically waited for model-year changes to introduce changes like other manufacturers typically do. Hence people would refer to those "new" versions are refreshed. At least that's my understanding.
 
OK I have a newbie question. I see a lots of references to a refreshed 2020 Model S/3/X/Y. What does the term refresh mean? How is a 2020 different from a refreshed 2020 model Y for instance?
For the S and X:

2020 is Raven

2021 is Palladium:

Yoke Steering
Newer Bluetooth technology for key cards, key phones, and fobs just like the 3 and the Y.
Horizontal MCU (central screen)
Powerful MCU (PlayStation 5 level)
3 display screens
Cabin Camera
Revised battery pack
Revised Driver Unit...

I am not sure about Model Y but for 2021 Model 3:

Smaller frunk
Corner Headlights are different
Black trim instead of satin chrome
Aero Covers are harder to take off
Rims are a little bit different
Central Console's refreshed
Wireless phone charging in front
USB port for Sentry Mode is in the glove box
2 USB-C ports in the rear
Powered Rear Trunk
Heat pump