This name is a synonym of Cordyline fruticosa (L.) A.Chev..
The record derives from WCSP
(data supplied on 2012-03-23)
which reports it as a synonym (record 465211) with original publication details: Gard. Chron. n.s., 1: 78 1874.
This name record (from WCSP) was not included in version 1 of The Plant List. It is possible the same name was included from a different data source, to check this you can search for Dracaena picta in version 1 of The Plant List.