In the theoretical sense, yes, in the practical, no.
The definition of video encoding and transcoding varies greatly depending on who you ask. Some claim they are the same thing, synonyms to each other. Others, that encoding is simply a process within transcoding. The definition has become increasingly blurred throughout the years.
The original definition of the two is as follows:
- Encoding converts from “raw” video into an encoded format
- Transcoding converts from one encoded format to another
At other times they are distinguished by what type of file they are turning:
- Encoding - Turn an uncompressed file and turn it into another type of file format
- Transcoding - Turn a compressed file and turn it into another type of file format
Does this matter in any significant way? Not really. If you keep treating them as synonyms to each other, you will do fine, and you can be sure they will continue to be used interchangeably with each other moving forward.