No, this is not an ambiguous terminology issue.
I suspect seeking an "isomorphism" might be too hidebound... you might as well seek a "functor"! The basic answer is that, yes, possession of the generator matrices T of dimension dxd is basically equivalent to characterization of the weights of states v in the d-dimensional vector space on which such matrices act, except the latter normally gets you more directly to what you want to know in QM in the latter case, by dint of the relevant labels/roots/weights.
Think of SU(2) for simplicity, but you might choose to generalize to SU(3), once the game is evident. To rotate an arbitrary d-dim v by an angle θ, you operate on it by v→exp(iθJ)v in classical physics. By a change of basis of the 3 generators J to their raising and lowering ladder versions
$J_+, J_-$ and $J_0$ and the marvelous eigenvalue equations their Lie algebra commutators satisfy, you may organize these rotations much more usefully in QM, and also computationally--this is of course how these higher-dim matrices in the SU(2) WP-article were found, in the first place!
That is, once you have eigenvectors of J.J, with eigenvalues j(j+1), up to normalization, you have characterized the dimensionality of the eigenvector v by 2j+1, and its component by the eigenvalue m of J0 on it, while you know how the raising and lowering Js will send entries to their neighboring slot. So writing the states in the |j,m> convention is tantamount to posing them ready for rotations by simple shifts of their m and multiplications by numbers. For small angles θ,this amounts to transitioning to v+iθJ v for J any linear combination of these 3 ladder operators.
Conversely, the structure of these operators specifies the Lie algebra of the matrices you started with, uniquely (Cartan). Here,
$J^2 |j,m\rangle = j(j + 1) |j,m\rangle$, $ J_0 |j,m\rangle = m |j,m\rangle $ and $J_\pm |j,m\rangle = \sqrt{j(j+1)-m(m\pm 1)} |j,m\pm 1 \rangle$: if we act on them with arbitrary bras on the left, $\langle j\,m'|$ they yield the matrix elements of the matrices in question, guaranteed to satisfy the SU(2) algebra.
But this language is simpler than daft matrix multiplication for the purpose of transitioning between states by QM operators, the Wigner-Eckart theorem, etc. The transition is just linear-algebraic change of language.
For SU(3), there are more such eigenvalues: not just the analog of the j (isospin), but also the hypercharge, eigenvalue of Y=B+S, related to the strangeness quantum number. And, indeed, more ladder operators, V+ or U+ (e.g. U-spin interchanges d and s quarks) move you among components of the vectors in suitable ways---they are labelled in plane patterns with triangular symmetry, rather than lines for plain rotations. Again, each dot on these weight diagrams for the octet, decuplet, etc... corresponds to an entry of the d-dim v and you know exactly, virtually by inspection, how these are going to respond to a exp(iθT) rotation, by the clever way they were labelled; so, really, yes!, an equivalent to matrix multiplication. The moment you have drawn the downwards-pointing triangular weight diagram for the baryon decuplet, you have implicitly specified the 10x10 generator matrices of SU(3).
The preponderance in physics of the 2nd language over just writing monster dxd matrices tells you something about its compactness and utility.