The reason it works is exactly as you guessed. The j stands for the imaginary unit in electrical engineering, while i is used to represent current. It's a classic EE pun built on two established conventions that often get muddled if you don't pay attention to the specific field. When working with complex impedance or AC circuit analysis, we use j to represent the imaginary part of a number, like j4, which is how we talk about capacitive or inductive reactance. This is done to avoid confusion with 'i' for current, which is a fundamental quantity in the circuit itself. The fact that 'j' also sounds like 'aye' is the linguistic hook of the joke, connecting it to the pirate theme. It’s a neat way of tying academic notation into a common idiom.
If you saw a circuit diagram using 'i' for current and 'j' for the imaginary component, you’re looking at standard industry practice, expecially in power systems or high-frequency analysis. If you ever see a textbook using 'i' for both, it's ussually a simplified intro course that hasn't made the leap to rigorous AC circuit theory yet. The shift to 'j' solidified decades ago to keep the distinction clear, because using 'i' for both would be a recipe for confusion during real design work.
It’s a very niche type of humor, but once you understand that specific notational difference, it clicks. It's the kind of internal joke that only people who spend time doing actual power flow calculations or solving differential equations in an EE context would get. It defintely has that specialized nerd quality. So yes, your instincts were totally right. It's the imaginary unit being substituted for the pirate greeting.