Sorry to say Mykolas, but your definition would not be correct.
isempty() evaluates to true for NULL, 0, "", false or 'not set' for any variable, object etc. that can be set to a value.
isset() evaluates to true if the variable, object etc. exists at all, whether it is 'empty' or not.
Example:
$foo = 0;
isset($foo); //will evaluate to true.
!empty($foo); //will evaluate to false.
unset($foo);
isset($foo); //will evaluate to false.
!empty($foo); //will evaluate to false.