That's not correct. You limited your definition to cover exclusively PageRank which is a mistake. PR is just one of hundreds of factors in determining a page's rank and has virtually no influence on link quality. If a page has high PR but is offtopic that link is virtually worthless.

A high quality link is from a page that has content related to yours, uses the anchor text you hope to rank well for, ranks well for the terms you hope to rank well for, and has a high PageRank.