icelandic fair isling

You guys, I am totally making this color section of my Icelandic sweater happen! I'm extra motivated because I would love to have it finished and blocked for my trip to the cabin this weekend to photograph it as well as have it keep me warm. I have a question for you knitters out there though. The colorwork section of an Icelandic sweater, it it called Fair Isle or is that saved for a certain type of sweater, Scottish or something? Help my confusion!