Yes, vijaya is Sanskrit for 'victory' or 'contest for victory'; it's from vi 'apart' (possibley from dvi-) + verbal root ji (jayati 'to win, conquor, defeat') < PIE *gwey@- 'to overcome, overpower; force, sway', cf. Greek bia 'power, force', Old English cwìesan 'to bruise, smash', also English quench (with nasal infix).