More than one definition. The term may mean historical fiction that explores the events surrounding more than one generation of a family. It may also relate to the Icelandic saga. The saga abounds in paradox and irony. Deeds are violent, but the style is subdued.
Heroism is praised, but moderation is more highly prized.
Much is said of fate, but the complex characters seem to control their own destinies. Again, some question if this is really historical fiction. If the character from today or the future goes to a historically accurate earlier period, it could be historical fiction depending on whether the emphasis is on the past or getting there and back. After reading how historical characters have overcome great obstacles to win important victories, the reader may decide that she too can overcome obstacles and become an important person. I Was There Through historical fiction, the reader can be present at a historical event or period.