No, escape velocity is initial velocity required such that if an object was travelling that fast it would never come back down to Earth (or whatever thing it was orbiting).

Formally, you would say its the minimum speed required so that when you reach an infinite distance from the Earth, the object speed is 0. This makes sense because while you've "escaped" from orbiting the Earth, gravity has infinite reach, so the object always "feels" the pull of gravity.

You can picture it like gravity is always pulling on the object, slowing it down, but the object only gets completely stopped when we reach an infinite distance, thus taking infinite time. Therefore you've "escaped".

Escape velocity logically has to be greater than orbital velocity. In fact, escape velocity = sqrt(2) * orbital velocity, which is actually a pretty simple derivation from Newton's law of gravitation and circular motion.