Let the unit tangent bundle be defined as follows:
$$T^1S^2=\{(p,v)\in \mathbb R^3 \times \mathbb R^3 | |p|=|v|=1 \text{ and } p \bot v \}$$
Let $SO(3)$ be the group of rotations of $\mathbb R^3$. Apparently, $SO(3)$ is in bijection with $T^1S^2$.
My question is:
If $N$ is a point on $S^2$, say the north pole, does the rotation in $SO(3)$ moving $N$ to $p$ along $v$ correspond to $(p,v)$ in $T^1 S^2$?
Put the other way around:
Does the matrix $(p,v, p \times v)$ corresponding to $(p,v)$ represent the rotation around the axis $p$? And if so, is the angle somehow represented by $v$?
Later added
The reason why I think there should be geometric meaning to this bijection or at least some insight to be gained is that finding the bijection was an exercise in a book I am reading.
If there was no insight to be gained the exercise would be more or less purely computational and not very insightful.
"Bijection" is a very weak statement. Any manifold of positive dimension is in bijection with $\mathbb{R}$. In fact $\text{SO}(3)$ is diffeomorphic to the unit tangent bundle, but this diffeomorphism isn't canonical; you need to fix a point $(p, v)$ in the unit tangent bundle, and then the diffeomorphism is given by the natural action of $\text{SO}(3)$ on the unit tangent bundle acting on this point. ($\text{SO}(3)$ acts on $S^2$ by rotations and this action is smooth so it extends to an action on the tangent bundle. The induced maps on tangent vectors are isometries, so it restricts to an action on the unit tangent bundle.)
In other words, the unit tangent bundle is a principal homogeneous space for $\text{SO}(3)$. A simpler example of this phenomenon is that the circle $S^1$ is a principal homogeneous space for $\text{SO}(2)$, so in particular they are diffeomorphic, but to pick a diffeomorphism you need to pick a point of $S^1$ to serve as the identity.