To best answer your question, I had reviewed several reference books and the best description regarding "machinability" is defined in the ASM Metals Handbook, Desk Edition.
"Machinability" is loosely defined as the ease with which materials can be machined. In most cases tool life test results are used for comparison. Tool wear rates can be used.
AISI Type 1212 steel is normally selected as a reference standard and assigned a value of 100. Other materials are compared based on the ratio of tool life obtained with the material and the tool life of the reference material in a standardized test.
Other criteria for rating machinability can be machining forces, power consumption, cutting speed, chip form and achievable surface finish.
My take on this is that as long as you use a consistent test method for ranking material, this can be used to define "machinability".