A 315/50R20 tire is 32.4 inches (823 mm) tall and 12.4 inches wide. The sidewall is 50% of the width, 6.2 inches, on a 20-inch wheel, and the tire turns about 622 times per mile.
In flotation terms that is about 32.4x12.4R20, closest to the common 33x12.50R20 (33.0"). People often call it a 32-inch tire.
The size most often compared with it is 295/55R20, which is 0.4" taller (+1.2%). At an indicated 60 mph you would be doing 60.7 mph on it.