Machinery. a groove in a shaft, the hub of a wheel, etc., for receiving part of a key holding it to another part.
a slot in a lock for receiving and guiding the key.
(in poured-concrete construction) a longitudinal groove in a footing, or in a pour that has set, providing a key for newly poured concrete.
a depression or slot carved into rock to provide a bond or anchorage for a structure, as a dam.

1865–70; key1 + way Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
keyway (ˈkiːˌweɪ)
a longitudinal slot cut into a component to accept a key that engages with a similar slot on a mating component to prevent relative motion of the two components

Collins English Dictionary - Complete & Unabridged 10th Edition
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Example sentences
The keyway, or ditch, is an area excavated by the dragline along the seam coal
The keyway, or ditch, was an area excavated by the dragline along the seam coal
The user must align the key and keyway to advance the introducer through the
  guide tube.
The orientation of the keyway thereby defines the exit direction of the
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