For sake of simplicity, let's say that we live in $G = SL(2, \mathbb{C})$. Every conjugacy class of diagonalizable matrices $$[A] := \{gAg^{-1} \mid g \in G\}$$ can be identified with its set of eigenvalues $\{\lambda, \lambda^{-1}\}$. As such, the collection of diagonalizable matrices in $SL(2, \mathbb{C})$ can be identified with $\mathbb{C}^\times / \{z \sim z^{-1}\}$.
How about the conjugacy class of pair of matrices $$[A, B] = \{(gAg^{-1}, gBg^{-1}) \mid g \in G\}?$$ Can they similarly be identified with their eigenvalues in a natural way? What is the significance of this identification?