In theory, the pitch diameter is the diameter of an imaginary cylinder which would pass through the threads at points were the width of the thread euals the width of space cut by the surface of the cylinder. It equals the diameter of the screw thread at one-half the thread depth.
So in essence, the pitch diameter is the contact points between screw and nut. Contact are on the sloping sides of the thread and not the crest and root.
Yes, this is related to both pitch and lead in a screw system. But the tendency to back off is also due to the preload torque given to a thread in order to achieve make-up. Depending on your nut-bolt system, you can eliminate backing off by using locking nuts, lock washers, even threadlok. (i.e. high strength glue)
Kenneth J Hueston, PEng
Principal
Sturni-Hueston Engineering Inc
Edmonton, Alberta Canada