Yes, both measurements are peak-to-peak voltages.
Thank you very much Nick for the great explanation. It's the internal 50 ohm resistance from the power source (function generator) that I was missing.
Next step is to measure this calculated number. Of course DC measurements are pointless. But I thought the antenna analyzer should be able to do it. Changed the antenna analyzer's frequency until reactance (X) was zero which append at 7.192MHz and got a resistance (R) of 14.1 Ohm. If you do a reverse calculation, the voltage across the LC at resonance would be 220mV. Knowing how hard it was to adjust the variable capacitor it's quite in the tolerance of my ability to adjust the capacitor for resonance.
Lab work successful. I learned a lot. Thank again Nick. Also thanks to Steve and Chuck for the great additional questions.
Claus