This poor street sign is a little worse for wear. It hasn't been up since 1827, but the University of Toronto, which has several of its buildings in this area, has been around that long. Indeed, Queen's Park itself is an enclave of the University (with a 999 year lease since 1854) which occupies most of the surrounding land.
Queen's Park Crescent is the continuation of University Avenue and encircles the park. Inside the southern portion of the park (owned by the Government of Ontario) stands the Ontario Legislative Building. As often happens, the building and the government are simply called 'Queen's Park'.
The "Queen" in this instance is Victoria as the park was opened in 1860.
Interestingly, it is very common to not include the road/avenue/street designation when speaking of an address so the street is also just known as Queen's Park. And if pressed, I would have said it was Queen's Park Circle.
As it is in this map.