From: ImageAnalyst on
bwarea calculates area only on the entire image, so it's "accurate" if
you have only one objects. Otherwise, if you have multiple objects,
you should use the area measurement given by regionprops. And bwarea
does NOT calculate perimeter as you said. Also note that bwarea uses
a special definition of area - it's not simply counting pixels.

What you're calling "percent of segmentation" is most often called
"area fraction" and it is simply the segmented area(s) divided by the
total image area (like you said). The total image area is the same
for the gray image and its binary representation - basically it's the
total number of pixels in the image.

I'm not sure how to answer "can you please tell me what is meant by
area in gray and binary image?" Area is the number of pixels, or real
world units if you have a spatial calibration. Once you know what
pixels to include, be it a segmented portion of your image or the
entire image, the area is simply the number of pixels and it makes no
difference whatsoever whether those pixels are in a gray image or a
binary image - you're just counting pixels and you don' care whether
they are 0 & 1 or range from 0-255.