eterm-color.ti is a terminfo source file.  eterm-color is a compiled
version produced by the terminfo compiler (tic).  The compiled files
are binary, and depend on the version of tic, but they seem to be
system-independent and backwardly compatible.  So there should be no
need to recompile the distributed binary version.  If it is
necessary, use:

tic -o ../ ./eterm-color.ti

The compiled file is used by lisp/term.el, so if it is moved term.el
needs to be changed.  terminfo requires it to be stored in an 'e'
subdirectory (the first character of the file name).