Let $X_i$ from $1 \leq i \leq n$ be vector spaces. Now I want to denote a space $X$, such that each $x \in X$ is given by $x = (x_1,...,x_n)$, and $x_i \in X_i$. Similarly, for each possible vectors, $y_i \in X_i$, for $1 \leq i \leq n$, $y = (y_1,...,y_n) \in X$. How do I denote $X$?
Can I denote $X = \bigoplus\limits_{1\leq i \leq n} X_i$?
The short answer is yes, the notation $X = \bigoplus_{1\leq i \leq n} X_i$ is standard notation.
For a longer answer, there are quite a few different ways to combine many vector spaces into a single vector space. The notation you are using is called the direct sum. There are two kinds of direct sums, internal and external direct sums. (I will borrow from Hoffman and Kunze for much of this - see there fore more details).
First, let's discuss internal direct sums. For this setup, we have multiple subspaces $W_i$ of a larger vectorspace $V$. We can in general define the sum of these subspaces $W_1 + \ldots + W_n$ to be the subspace of $V$ spanned by the elements of the $W_i$. The internal direct sum is a special case of this where our subspaces are independent, that is
$$\alpha_1 + \ldots + \alpha_n = 0, \alpha_i \in W_i \implies \alpha_i = 0 \forall i$$
So the notation $\bigoplus_{1 \leq i \leq n} W_i$ is precisely the same construction as the usual sum $W_1 + \ldots + W_n$ with the added extra information that these subspaces are independent.
The external direct sum tries to serve the same purpose but when our vectorspaces are not all given as subspaces of a larger vectorspace. To do so, we can construct a vectorspace that contains all of our summands as independent subspaces. This large vectorspace is the product $\prod_{1 \leq i \leq n} W_i$ which is given by the cartesian product and operations are componentwise. Then we can view $\bigoplus_{1 \leq i \leq n} W_i$ as the internal direct sum in this larger vectorspace.
In the case of finitely many vectorspaces that are finite dimensional, we have $\bigoplus_{1\leq i \leq n} W_i = \prod_{1 \leq i \leq n} W_i$. The distinction becomes interesting when you pass to an infinite case. For example, $\bigoplus_{i \geq 1} \mathbb{R}$ is not the same as $\prod_{i \geq 1} \mathbb{R}$ since the element given by a constant sequence of $1$'s, $(1,1,1\ldots)$, is in the latter but not the former.
There are other ways to combine vector spaces (e.g. tensor products) but these fundamentally serve a different purpose, so I won't go into them here.