Take a guarded ammeter, for example: the guard terminal is forced (by the meter) to the same potential as the measuring contacts. Therefore, if you don't want the current from another part of the circuit to contribute to the measured current, you connect that node to the guard. It is not the same as "ground".
As another example, the DE-5000 LCR meter (among others) connects the device under test to two or four (non-grounded) terminals. Again, the guard terminal allows you to remove the impedance to another node from the measurement. For example, if you have a delta connection of three capacitors, connect the guard to one corner of the triangle and you will only read the capacitance between the other two, ignoring the series combination of the other two capacitors in the delta.