I couldn't have said it better
Writing this will involve mentioning what you ran, how many people, how long it was ran, turnover rate of members, conflict resolutions, etc. During the interview I would point out examples of large-scale conflicts which could have potentially threatened having lost large numbers of people and how you resolved those.
Also important is time spent in that position, what you did to make the job scalable, etc. These problems are absolutely real-world problems.
I must mention this: Focus on problems solved. You can say online community, but saying that it is a game with people dedicating good amounts of time to it is useful since it shows that this is not a facebook community where moding one can be a fairly simple task most can do.
That said, if you are certain that you want to go this route, make sure you mention it only briefly, and couch the experience in terms that are a bit more obtuse than you would otherwise. For example, instead of saying your position was for a guild in EVE, state that it was a leadership role in a 2500+ strong online community. Emphasize the elements of the position that directly relate to the skills that a prospective employer would hire you for. Most importantly, keep it short, very short. It should be the icing on the cake for an employer, almost an afterthought, something that solidifies their interest in you. And if you find yourself in a place where you need to explain the position further, don't start gushing about the gameplay aspect of it, stay steady and calm and direct any conversation about it towards the importance of the role and the responsibility and trust you carried while you held it.