The 47% damage adds into the DPS of the weapon, then the strength boosts your overall DPS.

For example, I'm looking at a Blade of the Warlord that does 506-1046, but does that include the +47% damage

I was once looking for weapons with +% weapon damage and I thought they are superior than other weapons with the same DPS but without +% weapon damage, and I even thought they will benefit the other weapon when I DW.

To avoid confusion, can't they just NOT SHOW this +% dmg as one of the roll. The information is meaningless since it is already shown in the overall DPS of the weapon.