When I see expected payout for this round does it refer to the 7 day payout period?
I'd have to know where you're seeing this to know exactly what it is. I believe you are referring to the miners page though, and that the expected payout per round is for the current p2pool block. Meaning you should see higher earnings than that per 7 day payout period, as we are currently expecting to hit a block every 2 days and 15 hours.