Yes there is.
There are various definitions which are in various formats and mention certain criteria or variables - the works.
This is what I understand by those terms:
Engagement refers to the level of effort / initiative / level of involvement which the employees willingly put into the performance of their roles.
I got this definition (and article excerpt) below from
http://management-issues.com <link updated to site home>
[color=yellow]employee engagement as "a heightened emotional connection that an employee feels for his or her organization, that influences him or her to exert greater discretionary effort to his or her work. At least four of the studies agreed on these eight key drivers.
Trust and integrity how well managers communicate and 'walk the talk'.
Nature of the job Is it mentally stimulating day-to-day?
Line of sight between employee performance and company performance Does the employee understand how their work contributes to the company's performance?
Career Growth opportunities Are there future opportunities for growth?
Pride about the company How much self-esteem does the employee feel by being associated with their company?
Coworkers/team members significantly influence one's level of engagement
Employee development Is the company making an effort to develop the employee's skills?
Relationship with one's manager Does the employee value his or her relationship with his or her manager?
Other key findings include the fact that larger companies are more challenged to engage employees than are smaller companies, while employee age drives a clear difference in the importance of certain drivers. For example, employees under age 44 rank "challenging environment/career growth opportunities" much higher than do older employees, who value "recognition and reward for their contributions".
".[/color]
In simple terms according to me, satisfaction refers to a measure by which employees indicate their appreciation or lack thereof of the organization, the facilities it provides, infra, policies, i.e. points mentioned in the above article.
For more understanding of this topic, you should read the book "First Break all the Rules" by Curt Coffman & Marcus Buckingham.
We can help you better if you can explain the context of the question. :)
Regards
Ryan