The Collaborative International Dictionary of English v.0.48:

Eyelet \Eye"let`\ ([imac]"l[e^]t), n. [F. [oe]illet, dim. of
   [oe]il eye, fr. L. oculus. See Eye, and cf. Oillet.]
   1. A small hole or perforation to receive a cord or fastener,
      as in garments, sails, etc.
      [1913 Webster]

   2. A metal ring or grommet, or short metallic tube, the ends
      of which can be bent outward and over to fasten it in
      place; -- used to line an eyelet hole.
      [1913 Webster]

   Eyelet hole, a hole made for an eyelet.

   Eyelet punch, a machine for punching eyelet holes and
      fastening eyelets, as in paper or cloth.

   Eyelet ring. See Eyelet, 2.
      [1913 Webster]