Depending on what you mean by vectors, yes. I don't know how it, if at all, it would apply to svg files, but you can absolutely take a vector and take its Four

Depending on what you mean by vectors, yes. I don't know how it, if at all, it would apply to svg files, but you can absolutely take a vector and take its Fourier transform, and only keep the first few components to get a compressed representation. That is one way to do image compression.