It's a lot more complicated then that. On the one hand, Aether is almost more similar to atoms and the Fundamental Forces (weak force, strong force, gravity, electromagnetism) then anything else. You've got the building blocks of everything in the elemental aether (lightning, fire, earth, ice, water, wind) and the "rules" for how it behaves depending on weather it's Astral or Umbral aspected. And that's just the material side of things.
In the quests leading up to the Ridorana Lighthouse, it's revealed that even immaterial "things" such as memories, thoughts, feeling, will, etc. are made out of aether. That's probably why it's possible to do things like teleportation. You're sending all the aether that makes you you though the sea of aether that is the Lifestream and it all comes out the other end. All you need is a beacon (aethyrite) to send it to.
The Ridorana Lighthouse also has a lot of technobable concerning aether and a lot of it seems based off the natural phenomena of waveforms (think light or sound). Funnily enough, Quantum Mechanics (the set of physics that has to do with describing how atoms function) has a lot to do with waveforms... but whether that was on purpose or just a happy coincidence I don't know. It is true that in-universe, Aether studies are treated more like a kind of Physics then a kind of Magic. The line between the two is Eorzea is so blurry as to be non-existent.
Aether Technobable (and normal translations) from Ridorana Lighthouse
Originally Posted by Mikoto, 1st try
Originally Posted by Mikoto, 2nd try
Originally Posted by Mikoto, 3rd try