The Collaborative International Dictionary of English v.0.48:

Explication \Ex`pli*ca"tion\, n. [L. explicatio: cf. F.
   explication.]
   1. The act of opening, unfolding, or explaining; explanation;
      exposition; interpretation.
      [1913 Webster]

            The explication of our Savior's parables.
                                                  --Atterbury.
      [1913 Webster]

   2. The sense given by an expositor. --Bp. Burnet.
      [1913 Webster]

WordNet (r) 3.0 (2006):

explication
    n 1: the act of making clear or removing obscurity from the
         meaning of a word or symbol or expression etc.
    2: a detailed explanation of the meaning of something