Yes, you are correct. In VMware-speak:
ingress: Traffic is going into the vDS from the VM.
egress: Traffic is going out to the VM from the vDS.
"Within a standard vSwitch, you can only enforce traffic shaping on outbound traffic that is being sent out of an object--such as a VM or VMkernel port--toward another object. This is referred to by VMware as "ingress traffic" and refers to the fact that data is coming into the vSwitch by way of the virtual ports. Later, we cover how to set "egress traffic" shaping, which is the control of traffic being received by a port group headed toward a VM or VMkernel port, when we start talking about the distributed switch in the next chapter."
Source: Wahl & Pantol. (2014). Networking for VMware Administrators. Palo Alto: VMware Press.
However, VMware's definition of this stops at the virtual switch. Per the vSphere 6.5 documentation: "The traffic is classified to ingress and egress according to the traffic direction in the switch, not in the host" (http://pubs.vmware.com/vsphere-65/index.jsp#com.vmware.vsphere.networking.doc/GUID-964F5A21-0B53-468A-8A05-B71AA91F8A31.html?).
In Cisco-speak:
ingress: Traffic moving out of a physical interface.
egress: Traffic moving into a physical interface.
But this means you are also right, because moving past VMware's definition and into Cisco's it's still the same direction. Therefore, ingress is VM > vSwitch > physical switch, and egress is physical switch > vSwitch > VM.