While similar to Time Trial, in Speed Lap, instead of doing a full race, the player is given a certain number of laps - 7 in Campaign events and 99 in Racebox events - to achieve the fastest single lap time possible.
In addition to infinite Ship Energy and a Turbo each lap, the player has the ability to reset a lap, invalidating the time and immediately giving them a Turbo. There is no limit to the number of times the player can do this in a lap, but to trigger a reset, they need to hold a button - L1 by default - for ~3 seconds.
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Free Play in WipEout Pure is a precursor to Speed Lap as it only tracks per laps times.
The main differences are that there is no medals to be won out of it and that there no maximum amount of laps.