Let $X$ be a topological space. Then by definition $\pi_0(X)$ = {Path-connected Components of $X$}.
My professor introduced this notation and I'm wondering if it's standard notation or if there's a more standard notation for finding this partition of $X$.
$π_0$, is the set of path-components of $X$, and you can give it the quotient topology. For a very large class of spaces, path components are open and so the quotient topology $π_0$ will be discrete.
For $X$ with base point $b$, we define $π_n(X)$, the $n$-th homotopy group (http://ncatlab.org/nlab/show/homotopy+group), to be the set of homotopy classes of maps $f : S^n → X$ that map the base point $a$ to the base point $b$. For $n\geq1$, the homotopy classes form a group. For $n\geq2$, $\pi_n$ is abelian (see the http://en.wikipedia.org/wiki/Eckmann%E2%80%93Hilton_argument.) We call $π_1$ as the fundamental group.
There is a long exact sequence of homotopy groups $$... → π_n(A) → π_n(C) → π_n(B) → π_{n−1}(A) →... → π_0(C) → 0.$$ Here, $ p: C → B$ is a basepoint-preserving Serre fibration with fiber $A$.