By using this technique, Mukade absorbs the seal placed by the Fourth Hokage, thus he is able to time travel. The people caught in the blast are also sent through time.
This technique is not truly named when Mukade used it, but instead when he chanted the incantation. From the second line of his incantation, the kanji for "Peacock Wisdom Queen" came up, thus establishing the name.
In Buddhism, the Wisdom King is the king of knowledge. Its female counterpart is the Wisdom Queen, and one in particular is known as the "Peacock Wisdom Queen", who rides a peacock.