Dhiren,
TVP means True Vapour Pressure, and it shoul be quoted at a stated temperature. Like any liquid, the vapour pressure of crude oil depends on its temperature. So the TVP at 50 C will be higher than that at 25 C, just like for water. You say the TVP "includes air and CO2". I don't know what you mean by this. Crude oil leaving the bottom of a stabilising column will not contain any CO2 and certainly no air. So the TVP is the true vapour pressure of the hydrocarbons in the oil. It is an ABSOLUTE pressure not a gauge pressure.
RVP is something different. It means Reid Vapour Pressure, and it is the result of a standard test procedure carried out, always, at 100 F (37.8 C) . This test starts with a vessel containing the sample and air, so the reading on the test gauge after heating and agitation is a GAUGE pressure, that is, above atmospheric. The reading is taken as an approximate measure of the vapour pressure of the sample at 100 F, added to the air which was at one atmosphere.
The two values are not the same, even at the same temperature, because the RVP procedure is different from the rigorous lab measurement for TVP. The RVP value is used as a standard for shipping and storage of stabilised crude because it is a simple test to carry out without a lab and uses standard repeatable conditions.
So to answer your question - both RVP and TVP are important for specifying crude quality, but RVP is at 100 F while TVP can be at any temperature (usually the relevant temperature is the maximum storage temperature which can be as high as 50 C).
Paul