The spin $\vec \sigma$ is something called a vector operator, which is a subset of what are known as tensor operators. It can be seen in two different ways:
- As a triplet of operators $\sigma_i :\mathcal H \to \mathcal H$ acting on some Hilbert space $\mathcal H$, and which transform as a vector under spatial rotations, i.e. if $R\in \mathrm{O}(3)$, then
$$\sigma_i \mapsto \sigma_i' = \sum_j R_{ij} \sigma_j$$
- As a linear operator $\vec \sigma : \mathcal H\to \mathcal H\otimes \mathbb R^3$ from the Hilbert space into its tensor product with the desired vector space $\mathbb R^3$ where the "vectoriality" of the operator is meant to live.
Both of these perspectives can be shown to be equivalent.
Vector operators can be a bit intimidating, but most of the time you can just operate on them as you would with usual vectors (with the notable exception of operations that fail because the different components $\sigma_i$ do not commute). Your $\vec \sigma\cdot \hat n=\sigma _\hat n$ is a good example: it's just the linear combination
$$\sigma_\hat n = \sum_i \sigma_i n_i$$
of the operators $\sigma_i$ with real-valued weights $n_i$, and it can also be seen as the concatenation of the vector operator $\vec \sigma : \mathcal H\to \mathcal H\otimes \mathbb R^3$ with the projection $p_\hat n:\mathbb R^3 \to \mathbb R$, $p_\hat n (\vec v) = \vec v\cdot\hat n$ lifted to the tensor product $\mathbb I \otimes p_\hat n:\mathcal H\otimes \mathbb R^3 \to \mathcal H$.
As to whether it's "unique" or not, that's a bit of a matter of perspective. If you fix the total spin $\vec\sigma^2 = s(s+1)\hbar^2 \mathbb I$ of your Hilbert (sub)space, then yes, there is a unique operator that behaves as $\vec \sigma$. On the other hand, there's nothing to stop you from tensoring together the state spaces of two (or more) different spin-1/2 particles, in which case each particle will obviously have its own spin vector operator independently of the others.