Each homing missile has a rectangular green tracking marker that follows you around and shows where the missile is tracking towards right now. If you jump while this marker is on top of an enemy then you'll redirect the missile and it will usually lock on to that enemy instead.
Generally it'll behave like it is on your side after that, it'll lock on to other enemies if the target is destroyed etc. You can even redirect multiple homing missiles simultaneously as long as all their homing markers are on an enemy when you jump.
Redirection does not work for cruise missiles, the ones that use a spinning cross as homing marker.