actually the refresh rate is as often as the screen will update the image (so effectively yes thats the fps)
However your gpu could produce 100's of fps but the monitor will only show the frames at its refresh rate, still higher the gpu produces frames the smoother the image will look.
ie if the gpu prodeces 120 fps and your display is 60 hz, then every 60 ms the screen wil be updated with a new image, missing the ones that it can't keep up with but not noticeable to you
IF your gpu produces 30 fps, the monitor will still update every 60 ms but of course 120 ms will show the same image as the gpu hasn't produced a different image yet