Yes, the proposed feature is a “link-tag” that annotates specific links with any kind of formal contextual information that a person might want to add. See my post here if you want a lengthy breakdown of their purpose Add Link-tags feature . Basically instead of adding a tag that applies to the entire note, you can just tag a specific link.
I’ve been using the term link-tag just to be semantically plain, but I have no preference. “Relations” was a suggested alternative that is truer to what they actually are. I just haven’t adopted ‘relations’ since it is a vague term if you are not clear on the feature context.