遼 is built from the 辶 (walk / road) and 尞 (signal fire (in 僚·療)) components.
It belongs to a phonetic family with 療, 僚, 寮, and 瞭 — they share the 尞 component and the reading リョウ.
A common word using 遼 is 遼遠 (りょうえん), meaning “remote; far off”.
Kanji that look similar include 遷, 選, 遺, and 縫.