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I think it isn't. Contrary to Episilon, Epsilon is an existing word, and moreover it is a kind of word that may be used as a name for stellar objects (cf Alpha Centauri).
My question is not what the meaning is or where the wordplay comes, but rather whether it is intentional or not.
I've been reading it as Epi-SI-lon. It wold make sense to have used Epsilon instead, but since Zhark was a made up creature, i figured that planet could be made up too.