Wrasses are hermaphrodites meaning they can change sex. Many fish in the ocean are including clownfish. Similarly to clownfish when a female changes sex to become a male it can no longer be able to revert back to being a female. So a super male means the wrasse has changed to a male and can longer turn back, also that it has reached its full male colors.
You're on the right track, but it's quite a bit different than clowns.
Wrasses are protogynous hermaphrodite, meaning as juvi's they are all female and any can transition to male as the environment requires. Once a female begins to transition, the enter the transitional male state, sometimes called sub-male. These are technically males, but in this transitional state social dynamics can come into play. A transitional male may end up "held" or "paused" in this state, and never progress further. And also possible, but exceedingly rare in captivity (less so in the wild), a transitional male can revert back to female.
If a transitional male continues to progress, they will reach a terminal male state. At this point the process is just that; terminal. Terminal males will remain in this male state for the remainder of their life. All a "super male" really consists of is one of the most dominant terminal males, which develops the boldest/brightest coloration.
In the end, it's all a subjective label, as beyond visual clues there's no real telling what state of male some are in. It's easy to spot early to mid transitional males apart from those which are at or approaching terminal male, but it's nearly impossible to label one with certainty as a terminal male. Many view "super male" as not much more than a marketing term to maximize profits.
Personally, I avoid them, as in a tank full of various species any female or young male will get there to the point of terminal male. And it's fun to watch them transition and enjoy for a longer period of time. The age (and remaining lifespan) of a terminal male for sale can be a gamble.