You are just calculating componentwise.
I would not consider this an operation.
A related operation is called projection onto the $i$-th component. It reduces the vector to its part in $i$-direction. E.g.:
$$ P_1 v = P_1 (x_1 e_1 + x_2 e_2 + x3 e_3) = x_1 e_1 = (v \cdot e_1) \, e_1 $$