The epsilon-delta definition is a formal way to define the limit of a function at a point, using two values: epsilon (\(\epsilon\)), which represents how close the function's value must be to the limit, and delta (\(\delta\)), which indicates how close the input value must be to a certain point. This approach helps in rigorously establishing the concept of limits, ensuring that for every small distance from the limit, there is a corresponding small distance from the input value that maintains this closeness.