Male Swivel Elbow 3/8in Tube x 1/8in Swi

It's designed for use with pneumatic systems, which typically operate at lower pressures than hydraulic systems. You'll need to verify that your specific hydraulic oil and system pressure are within the pressure rating of this Aignep fitting to ensure safe and reliable operation.

You've got it right. The 3/8 inch side connects to the tubing, and the 1/8 inch side is the male swivel thread end. The elbow configuration lets you change direction between those two connections, which comes in handy when you're working in a tight spot and need to route a line at an angle without forcing the tubing to bend.

Match-up wise, the part is a male swivel elbow listed as 3/8 inch tube x 1/8 inch swivel, with supplier part number 87110-06-02. If those are the two sizes you are replacing, that is the configuration this item is identified as.