Yes, exactly spoken: The Q-factor of a complex pole pair is defined using the angle between the negativ real axis of the complex s-plane and the vector directed to the pole: Q=1/(2•cosα).
In the BODE plot the magnitude response shows a certain amount of peaking for Q>0.5. In the time domain the step reponse shows ringing for Q>0.5 up to a continuous oscillation ("ringing" with constant amplitudes) for Q= ∞.