Mathematically, ##x(t)## can be any function ##x:\mathbb{R}\rightarrow\mathbb{C}## that is any complex valued function over the real line (or as a sub case any real valued function over the real line ##x:\mathbb{R}\rightarrow\mathbb{R}##) for which its continuous Fourier transform ##X(f)## exists . So it can be a function representing the (complex) voltage between two nodes of a circuit or the power between two nodes of a circuit.
However the usual interpretation of this theorem in signal analysis is that the two sides of the equation are just two different ways of computing the total energy of a signal ##x(t)## (a voltage or a current signal).