Ive always been of the inclination that a setting is lovecraftian as soon as the protagonist is thrown out of his depth into a situation that reveals truths about the universe that are indescribable, maddening and terrible to behold. This situation SHOULD usually end with the protagonist slowly succumbing to madness or psychosis of some sort and even death. The story usually does not end well. Dead Space, Conarium, even the new Resident Evil to an extent are games that I find to have great Lovecraftian influences. Movies such as The Thing, In The Mouth of Madness, The Ninth Gate (in my opinion) and more recently The Void (amazing movie) are all hugely inspired by Lovecraft's works.