Many terminals support rich text, not just a terminal postscript.
, /Symbol , . , /Symbol :
set label 1 at 0,0 '{/=50{/Symbol \362}@_{/=15 350}^{/=15{/Symbol \154}_{/=10 average}}' front
plot x
gnuplot 5.0 wxt

postscript, epslatex ( cairolatex):
set terminal epslatex standalone color colortext
set output 'equation.tex'
set label 1 at -5,5 '$\displaystyle\int_{350}^{\lambda_{\mathrm{average}}}$'
plot x
set output
system('latex equation.tex')
system('dvips equation.dvi')
system('ps2pdf equation.ps')
