ip nat inside source static 10.1.1.1 209.165.200.225
means that the inside source IP address of 10.1.1.1 will be translated to source IP address of 209.165.200.225 as it goes out the outside interface.
It also means that any traffic with a destination IP address of 209.165.200.225 that enters via the outside interface will be translated to the destination IP address of 10.1.1.1 as it goes out the inside interface.
So yes it is bi-directional but it is important to note that inside to outside is translation of source IP address, outside to inside is translation of destination IP address.
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