The eigenvalue-eigenvector equation is a mathematical expression that defines the relationship between a square matrix and its eigenvalues and eigenvectors. It is formulated as $$A\mathbf{v} = \lambda\mathbf{v}$$, where $$A$$ is the matrix, $$\mathbf{v}$$ is an eigenvector, and $$\lambda$$ is the corresponding eigenvalue. This equation reveals important properties about the transformation represented by the matrix and how it acts on certain vectors, allowing for simplifications in various applications such as differential equations and stability analysis.