Application note from ON Semiconductors about the Data eye diagram methodology to represent and analyze a high speed digital signal. Link here (PDF)
The eye diagram allows key parameters of the electrical quality of the signal to be quickly visualized and determined. The data eye diagram is constructed from a digital waveform by folding the parts of the waveform corresponding to each individual bit into a single graph with signal amplitude on the vertical axis and time on horizontal axis. By repeating this construction over many samples of the waveform, the resultant graph will represent the average statistics of the signal and will resemble an eye. The eye opening corresponds to one bit period and is typically called the Unit Interval (UI) width of the eye diagram. An ideal digital waveform with sharp rise and fall times and constant amplitude will have an eye diagram.