Yes, exactly. "v-team" is Microsoft-speak for a virtual team, most often a subset of people in a larger team who do not all report to the same lower-level manager. If you have a team of 12 people, then select 4 of them to deal with issues in the product's installation and set-up, you might call them "the setup v-team".

Not to be confused with "v dash", which refers to a contract employee from a vendor. In the Microsoft email system, contractors have an email that begins with "v-" and temps/interns have an email that begins with "t-", and just as employees are sometimes referred to by their abbreviated email aliases, contractors and interns as a group are referred to as "v dash" or "t dash".

Now you know... although I doubt you'll ever need to know :)