I don't have any experience at all in specifying door hardware, but based on a quick Google search, I would surmise that it means an emergency exit rated door that latches at three points.
"3 point" actually refers to the number of places the door is locked (usually for security reasons).
"Panic hardware" is an emergency release system to allow fast egress, especially under adverse conditions (such as a fire, gas release, steam release).
The "panic hardware" has to match the locking system hardware. It does no good to have an emergency release system that unlocks two of three points on a door that has a 3-point locking system.
Patricia Lougheed
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Which is usually provided by the crash bar mechanism on that type of door. The crash bar has sufficient resistance to simple attempts to activate from the other side, but a small child has sufficient force to push the crash bar and unlock the door.