What is Pericardium, definition and function. Pericardium is a tough, two-layer membranous sac that encloses the HEART. The pericardium’s fibrous outer layer, called the fibrous pericardium, protects the heart from contact with the chest wall and other structures in the chest, including the LUNGS and the sternum.he inner layer of the pericardium is a filmy envelope. Its two surfaces are the parietal pericardium, which contacts the fibrous pericardium, and the epicardium, which covers the MYOCARDIUM somewhat like a wet tissue. Inside the envelope is a watery fluid that lubricates the heart.