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Plus P means "Plus pressure" which means (it is rated to handle) ammunition loaded to higher pressure for more velocity.
I means the pistol is capable of firing ammunition with a +P designation which are higher pressure, faster, more powerful rounds. They should not be fired in a pistol not rated +P. The 4" refers to barrel length.
Its rated for .38 special +p ammo but according to the manual it should not be used regularly. I like my Taurus 82 but I have never tried +p ammo in it. If you want to use +p ammo regularly you should probably get a .357 magnum and use .38 special +p ammo in it. A 357 magnum revolver can use either 357 magnum or 38 special ammo, but a 38 cannot use 357 magnum ammo.
The 38 special is loaded to low pressures (15,000 psi) to be safely fired in guns made 100 years ago and light duty revolvers made today. The +P 38's generate 21,000 psi and will harm the older guns and lighter revolvers. Being +P rated means it will fire the hotter loading.
More powerful rounds then normal. Some guns can handle them and some can't. Check your gun rating in the manual before using them.