An SLI is a quantitative measure of some dimension of your service that users care about. The most useful form is a ratio: good events divided by total events, times 100. For example, out of 1,000,000 HTTP requests in the last hour, 999,200 returned a non-5xx status. That gives an availability SLI of 99.92 percent.
The reason teams favor the good-over-total ratio is that it produces a clean number between 0 and 100 that is easy to reason about and easy to set a target against. A raw count like 800 errors per hour means nothing without traffic context. The same 800 errors out of 1,000 requests is a disaster, while 800 out of 10,000,000 is noise.
The four SLIs you see most often are availability (fraction of successful requests), latency (fraction of requests faster than some threshold), throughput, and error rate. The phrase popularized by Google's Site Reliability Engineering book groups these as the golden signals: latency, traffic, errors, and saturation.