Yes, a wave can be thought of as consisting of many vibrations or oscillations. In the case of a periodic wave, such as an electromagnetic wave or a sound wave, the wave propagates through space by the repeated oscillation of particles or fields.
The wavelength of a wave is indeed the distance traveled by the wave in one complete cycle of vibration. It is commonly represented by the symbol λ (lambda) and is typically measured as the distance between two consecutive points of similar phase or two consecutive crests (or troughs) of the wave.
For example, in an electromagnetic wave, such as light, the wavelength represents the distance between two consecutive peaks of the wave's electric or magnetic field. In a sound wave, the wavelength corresponds to the distance between two consecutive compressions or rarefactions.
Therefore, you are correct in understanding that the wavelength of a wave represents the length of the wave, or more precisely, the distance traveled by the wave in one complete cycle of vibration.