Hey there.
It is an interesting behaviour. Some people have observed it right before breeding begins. Some people have noticed it during signs of aggressions. Some people have theorized it is a form of communication between the two cichlids. Some people dunno what is going on.
I have noticed my larger oscar doing it just recently. She seems to do it to say 'Hey look at me.' It has never been coupled by aggression.
I know this doesn't directly answer your question. It seems to show up at different times, and it certainly gets our attention doesn't it?!?!