The most common and most likely answer to this crossword clue is the 8 letter word AIRSPEED
I've seen this crossword clue in Independent
A
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More clues leading to the result AIRSPEED
Buddy explains!

The straight part
We know that "Relative velocity" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case relative velocity = airspeed.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does AIRSPEED mean?
AIRSPEED noun- The speed of an aircraft relative to the air through which it is flying.