No logical processors do not count as a pCPU when it comes to ratio. pCPU to vCPU ratio is done via physical cores. if you look at a host summery you will see it will have next to CPU cores will have something like 8 CPUs x 2.6 GHz for example not 16 logical ones it has.
When using VMware vCenter Operations manger you can set vCPU to pCPU capacity limits etc and all of those ratio metrics are using Physical Cores.
ESXi does not treat hyper threaded core like normal cores it will intelligently use them when CPU scheduling if it will not impact performance.
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Blog: http://virtualiseme.net.au
VCDX #201
Author of Mastering vRealize Operations Manager
