n.
 a small round hole in leather or cloth for threading a lace, string, or rope through. 
▸a metal ring used to reinforce such a hole.
 ▸a small hole with stitching around its edge, used as a form of decoration in embroidery.
v.
 (eyelets, eyeleting, eyeleted)
 make eyelets in (fabric).
 
  Etymology
  ME oilet, from OFr. oillet, dimin. of oil ‘eye’, from L. oculus.