The Free On-line Dictionary of Computing (30 December 2018):

virtual connection

    1. (VC) A connection or a path through an ATM
   network.  The word "virtual" indicates that the connection
   is logical rather than physical.

   Nothing to do with a virtual circuit on a packet switching
   network.

   [Fred Halsall, "Data Communications, Computer Networks and
   Open Systems", 1996, Addison Wesley].

   2. A communications link that appears to be a direct
   connection between sender and receiver, although physically
   the link can be routed through a more circuitous path, running
   over virtual circuits instead of a private network built
   primarily with dedicated lines.

   A virtual connection can provide full-time connection among
   many sites, including those configured for SNA/SDLC
   protocol.  A virtual connection can handle any transmission
   protocol and is supported worldwide.  It can provide high
   throughput and low delay for LAN and Internet
   applications, peer-to-peer connectivity, client-server
   computing, and other distributed processing applications.

   [Same as virtual circuit?]

   (2001-10-26)