Yes, the concept is as follows:
Let A be a matrix and X, Y be 2 column vectors. Now a column vector X can be transformed into another column vector Y using a square matrix A as:
AX=Y
Now suppose Y is equal to a scalar multiple of X i.e. ⋋X . Then:
AX=Y=⋋X
AX-⋋IX=0
(A-⋋I)X=0
Hence ⋋ is known as an eigen value of matrix A and the corresponding non zero vector X as eigen vector.