From Anarchy Online Wiki [AOWiki]

DPS stands for "Damage Per Second" and is generally used to talk about a faster rate of dealing damage to a target. This is different than in other games where it is synonymous with the abbreviation DD

Alternatively, the term "DPS" could be taken to be a verb, synonymous with the word "damage". For example, if the tank tells his team to "Go all out DPS", it could be taken to mean that he requires all team mates to pop their cooldowns to deal maximum damage in the shortest time possible.