Yes, विराजमान (viraajmaan) is a Hindi word which is used to denote sitting of some honourable one, i.e. for saints, gurus, idols of God, etc.
Aasan (आसन) used to denote a seat or a raised platform and Gaddi (गद्दी) used to denote a cushioned seat or chair are related with विराजमान (viraajmaan) because such sittings are normally on a aasan or gaddi.
To request for taking such seat, we call Kripaya is aasan/gaddi par viraajen. (कृपया इस आसन/गद्दी पर विराजें) and to express such situation, we say Guruji aasan par viraajman hai.(गुरू जी आसन पर विराजमान हैं)