Lets see if i can get this right
PW for Pratt and Whitney
1 Because its a PW100 series engine
27 for the approx thousand horse power produced (2780shp, at least I think thats what the 27 is for)
Not sure about the F. I thinks it to do with the engine model for the specific aircraft it is being used for.
The PW127F was used on the ATR72-500, the PW127E was used on the ATR42-500. But I believe all new ATR's being produced now have the PW127M
Hope that helps
Quazz