My O's and Parachromis(es) do the same thing before, during, and after breeding. My male loiselli does it when I come up to the tank near his fry. Out of the five breeding pairs I have in my tank (see sig line for stock), all exhibit this behavior from time to time, some more than others.
To answer your question, it could mean they are about to breed. Or any number of other things. This behavior does not in any way guarantee that they are of the opposite sex. Further, two female Oscars can and do exhibit regular male/female breeding behavior including acting as a "mated pair" and laying then protecting their eggs. The eggs will just end up never fertilized and grow fungus, disappearing a few days later. This happens in my tank on a semi-regular basis. What I mean by semi-regular basis is that the Oscars (both females) will only lay eggs once every two to three months. The Parachromis(es), on the other hand, are dropping eggs like clockwork every three to four weeks. There is almost always two generations of fry from the same set of parents at any given time.
If you'd like to know for sure, post pics of your Oscars' vents and the experts here will surely be able to sex them. And post pics anyway, I love seeing Oscars.