Whatis.com says it better then me! "The standard unit of electric field (E-field) strength is the volt per meter (V/m). An E field of 1 V/m is represented by a potential difference of 1 V existing between two points that are 1 m apart.The volt per meter, or some fractional unit based on it, is used as a means of specifying the intensity of the electromagnetic field (EM field) produced by a radio transmitter. Although an EM field contains a magnetic (M) component as well as an electric (E) component, the relative field strength of radio signals is easier to measure in free space by sampling only the E component. The magnitude of the E component from a distant radio transmitter is often much less than 1 V/m, and in such cases, fractional units are preferred. One millivolt per meter (mV/m) is equal to 10 -3 V/m; one microvolt per meter (? V/m) is equal to 10 -6 V/m; one nanovolt per meter (nV/m) is equal to 10 -9 V/m; one picovolt per meter (pV/m) is equal to 10 -12V/m.
The magnitude of the E component of a radio wave varies inversely with the distance from the transmitter in a free-space, line-of-sight link. If the distance is doubled, the E-field intensity is cut in half; if the distance increases by a factor of 10, the E-field intensity becomes 1/10 (0.1 times) as great. The E component of an EM field is measured in a single dimension, so the intensity-versus-distance relation is a straight inverse rule, not the inverse-square law."