"Aqua vitae" is Latin for "water of life" and was a historical name for distilled spirits, particularly those made from fermented grain. While the term "aqua vitae" is still sometimes used romantically, it's not a scientifically recognized name.
Ethanol, on the other hand, is the scientific name for the type of alcohol found in alcoholic beverages. It's a colorless, flammable liquid with a distinctive odor and a slightly sweet taste.