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In Katakana, "Edea" was "Idea," though they changed the first letter -- for obvious reasons -- to reflect how it should be pronounced with English phoenetics. So her name is "Ee-day-uh."
As for "Seifer," that's a German name pronounced -- as Xaven has it -- "Sigh-fer." Seeing as how the Tuetonic Knights wore crosses on their mantles and Seifer wears them on his coat sleeves, I'm going to assume that it was an intentional reference to go along with the rest of the good and evil symbolism.
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the BackRoomKid aka Nicks' translations
SeeD= See Dee
Seifer= Seh Fear
Edea= Eh day uh
Rinoa= Rye No uh
that's how i said them first playing the game...they should have just done it like FF7 and just capitilzed the whole word: SEED, GARDEN, stuff like that
yeah, finding the origin of names and such is cool but for those who just wanna play to be amazed...we'd just rather read it like we want to
but of course, the whole "seed" and "garden" thing is obvious, just the pronuncians aren't so clear a lot of the time