The term 'Pink Elephant Sighters' refers to people who have seen a pink elephant, which is an imaginary creature. The acronym SOTS stands for 'Seers of the Strange, ' which is a group of people who claim to have seen the mythical pink elephant. They are often considered to be eccentric and are often ridiculed for their beliefs. The term 'Pink Elephant Sighters' is used to describe these people who believe they have seen a pink elephant.