Hello @kishanmishra ,
IPS stands for Internal peripheral system, you can find this definition in the S32G2 Reference manual section 72.11 Glossary [page 4063, S32G2 Reference Manual, Rev. 8, February 2024]:

I was not able to find this abbreviation expansion in the S32G3 reference manual, we apologize for the inconvenience.
Therefore the IPS bus is the bus used to communicate with the different peripherals.
Please note that IPS is different from IPs, the latter stands for the plural form of Intellectual property.
Let me know if this fully answers your questions.