No, that is not quite right. Let's first state and describe the Tsiolkovsky Rocket Equation:
$\displaystyle \Delta v = V_e \times \ln(\frac{m_i}{m_f})$
$\Delta v$ is delta v, the change in velocity in km/s
$V_e$ is the effective exhaust velocity in km/s (it's another way of measuring specific impulse)
$\ln()$ is just the natural logarithm, or log base e (e is an interesting mathematical constant approximately equal to 2.7). Almost all scientific and graphing calcs has an ln() function.
$m_i$ and $m_f$ are initial and final masses in kg
The ratio of masses is just that, a ratio. So if we start with 100 kg and end with 10, or start with 1,000 kg and end with 100, the change in velocity will stay the same. This of course assumed that Ve didn't change either.
So the equation is basically the natural log of a ratio, r, then multiplied by a constant. To analyze any asymptote behavior all you really need to understand is the behavior of the natural log function.
Go to fooplot.com and type in "ln(x)" without quotes. You will see a black curve. In this graph, our ratio r is now called x, and y represents the delta v.
Yes there is a vertical asymptote on the left, coinciding with the y-axis itself. This would imply some really weird stuff about an unbounded negative limit of delta v (so you could go infinitely fast with a negative speed!)...except that our ratio cannot be less than 1...because initial mass is always greater than final mass. That's just how chemical rockets work. They burn mass and thus lose mass. You always start with more fuel than you end with. In mathematical terms, this means that the valid domain starts at x > 1. x <= 1 is just not physically possible.
Now you should notice that the curve gets shallower as it goes to the right. You may be wondering if the curve has a horizontal asymptote? If so, this would indeed set a max on delta v as you suspect. But the answer is, no, there's no horizontal asymptote in the graph. The curve always gets higher and higher as it goes to the right...just at shallower and shallower angles.
Another way of saying that, is that logarithms behave with exponential decay. However, "exponential" is used very loosely these days. I don't recommend that terminology! Just to confuse you more, a horizontal asymptote is also called exponential decay! (of another kind).
BTW you can multiply "ln(x)" by whatever Ve you want and it will not change the graph's behavior. Fair warning though, if you type in a typical number that real-world rockets use, such as 3,000 (m/s), you will have to zoom way, way out in order to see the curve. That's why I like working in km/s so you only multiply by 3.
Bottom line about the equation: there is no max delta v. If you're willing to exponentially increase the mass ratio, you can linearly increase the delta v to any high value you want. This does not mean, however, that it's physically possible. There are of course technological limits on how much thrust, heat, and other stuff we can controllably achieve in our rocket.
You asked about the derivative and integral too. You also mentioned the inverse of the Tsiolkovsky Rocket Equation in your second paragraph. I will try to explain what those mean in a future edit.