Also, the stats for a given page (Page Information link) may shed some light on this, see the following for the VE board at en.wp;
Number of page watchers 339
Number of page watchers who visited recent edits 98
Out of curiosity - do the "visited recent edits" relate to clicks from the watch list? Village Pump for example, which is both in my watchlist and bookmarks - are my views from the bookmark combined with my views from watch list clicks?
I believe that "watchers who visited recent edits" is more like "on my watchlist, and my account had any (logged-in reading) activity at all". I don't believe that it shows the number of people who looked at this particular page. Thus, if you watchlisted a village pump and *don't* visit it, but you visit a different page on your watchlist, then you are counted as a "watcher who visited recent edits" on *all* the pages on your watchlist.
If this is a request for data (not sure) it probably needs to reach the analysts. I have added @kaldari just in case this is in reference to an existing project.