Yes and no.
First of all, read this: http://arduino.cc/en/Tutorial/Memory
EEPROM is for long term storage, and it is a non-volatile storage medium. That means that whatever is written to the EEPROM will remain there until it is rewritten, no matter how many times it is read or how many times the Arduino is powered down or even if the chip is removed. Atmel guarantees the memory storage for 100 years at 25ºC.
One downside is that the EEPROM can only be rewritten 100,000 times, so that might be a problem.
Also, reading from/writing to the EEPROM required a few annoying calls, specially because there is no "type" associated to the data in it. You read and write bytes and you have to do all typecasting and conversion yourself.
In other words, EEPROM is not something you want to write to all the time.
Besides, if you need to use EEPROM, you'll have to include the EEPROM library, which in turn increases the binary size and SRAM consumption. Therefore only use EEPROM if you absolutely need to.
What you can do to store large amount of [volatile] data is to use flash memory
, which is a lot easier to handle and actually helps you have SRAM.