In this paper, we show how inexact graph matching (that is, the correspondence between sets of vertices of pairs of graphs) can be solved using the renormalization of projections of the vertices (as defined in this case by their connectivities) into the joint eigenspace of a pair of graphs and a form of relational clustering, An important feature of this eigenspace renormalization projection clustering (EPC) method is its ability to match graphs with different number of vertices. Shock graph-based shape matching is used to illustrate the model and a more objective method for evaluating the approach using random graphs is explored with encouraging results. Index Terms--Inexact multisubgraph matching, eigendecomposition, eigenspace projections, correspondence clustering, shape matching, random graphs.