The title refers to election night as well as the battle between Don and Pete. Don is Nixon: an older self-made man, who Don even compares himself to earlier in the season. Pete is Kennedy: a younger man with a silver spoon upbringing.
Ranked #8 in TV Guide's 100 Greatest Epsiodes of All-Time list (2009 update).
Action takes place on November 8th, 1960, the day of the Nixon/Kennedy presidential election.