Exactly. Memorization is the process of committing something to memory. Things like spaced repetition, flashcards, using mnemonics, etc. Memoization is the technique of caching expensive function calls and returning those cached values upon subsequent invocations.

Seeing the word memorize implies a process that an actor is undergoing and says nothing about the data being memorized. Seeing the word memoize implies the existence of an expensive function and implies a process of repeated calls to the function. It also implies the function is pure, i.e. you can't memoize calls to fread().