We present a theoretical basis for a novel way of studying and representing the long-time behavior of finite-dimensional maps. It is based on a finite representation of ε-pseudo orbits of a map by the sample paths of a suitable Markov chain based on a finite partition of phase space. The use of stationary states of the chain and the corresponding partition elements in approximating the attractors of maps and differential equations was demonstrated in Refs. 7 and 3 and proved for a class of stable attracting sets in Ref. 8. Here we explore the relationship between the communication classes of the Markov chain and basic sets of the Conley decomposition of a dynamical system. We give sufficient conditions for the existence of a chain transitive set and show that basic sets are isolated from each other by neighborhoods associated with closed communication classes of the chain. A partition element approximation of an isolating block is introduced that is easy to express in terms of sample paths. Finally, we show that when the map supports an SBR measure there is a unique closed communication class and the Markov chain restricted to those states is irreducible.