Perceptual Rendering Intent
A conversion strategy that compresses the entire colour range so relationships between colours are preserved, at the cost of shifting every colour slightly.
In depth
Perceptual conversion treats the image as a whole: because everything is compressed together, gradations survive and no area collapses into a flat patch. The trade-off is that in-gamut colours which needed no change are altered anyway, so a mostly neutral image will look slightly duller than it should.
Examples in practice
A photograph of a vivid sunset keeps its smooth transitions from yellow to red under perceptual intent.