Elite Dangerous and the community has almost its own language.
Here you can find most of the terminology and brief explanations of what each means.
General Context
"O7" "o7" "<O" "<o" "<0" "ZO" "zo" - variations of saluting (the 0 is the head)
CMDR - Commander
FDev - Frontier Developments
Hyperspace - means of travelling between star systems
Meta - term used to current "optimal" approach for something
NPC - Non-Player Character
PMF - Player Minor Faction
Wanted - the pilot has committed crimes and has a bounty
Wing - a group of up to four ships flying together
Ship Nicknames
AspX - Asp Explorer
AspS - Asp Scout
Chally - Alliance Challenger
Chief - Alliance Chieftain
Conda - Anaconda
DBX - Diamondback Explorer
DBS - Diamondback Scout
FAS - Federal Assault Ship
FDS - Federal Dropship
FC - Fleet Carrier
FDL - Fer-De-Lance
FGS - Federal Gunship
Sidey - Sidewinder
Suicide-winder - use of a Sidewinder to Self Destruct back into the BUBBLE
SLF - Ship Launched Fighter
SRV - Surface Recon Vehicle
T10 - Type 10 Defender
T6 - Type 6 Transporter
T7 - Type 7 Transporter
T9 - Type 9 Heavy
Vette - Federal Corvette
Engineering & Modules
AFMU - Automatic Field Maintenance Unit
APA - Advanced Plasma Accelerator
Commodities - goods that can be traded for credits
Engineering - a process for modification of ship modules to change their stats
Engineer - NPC who can perform modifications to modules
Fuel Scoop - a module used to collect hydrogen from a star to use as fuel
FSD - Frame Shift Drive
FSD Booster - Guardian Frame Shift Drive Booster
G1/G2/.../G5 - engineering modification grades, or grades of engineering materials
Gauss - Guardian Gauss Cannons - a type of weapon
GMRP - Guardian Module Reinforcement Package
Grom Bomb - Containment Missiles (a powerplay weapon from Yuri Grom)
Hammer - Imperial Hammer (a powerplay weapon from Arissa Lavigny-Duval)
KWS - Kill Warrant Scanner - a utility module that is used to scan ships for any active bounties acquired in other jurisdictions.
LR - Long Range - an engineering modification for certain weapons
Materials - used for engineering and synthesis crafting
Mat Trader - Material Trader - an NPC that trades materials
MRP - Module Reinforcement Package
PA - Plasma Accelerator - a type of weapon
Paci - Pacifier Fragment Cannon (a powerplay module from Zachary Hudson)
Prismo - Prismatic Shield Generator (a powerplay module from Aisling Duval)
PP - Power Plant or Powerplay
Distro - Power Distributor - a core module used to manage power flow
Rails - Rail Guns - a type of weapon
Regen - an engineering modification that regenerates shields of wingmates
Reverb Cascade - an engineering modification that damages the shield generator
SCA - Supercruise Assist - a module that helps manage supercruise flight
SCB - Shield Cell Bank - a module used to restore shields
SFN - Shutdown Field Neutraliser - a module used to protect against Thargoids
SRB - Short Range Blaster - an engineering modification which reduces range and increases damage
Tech Broker - an NPC that unlocks human and guardian modules.
TC - Thermal Conduit - an engineering modification that increases damage with heat
TV - Thermal Vent - an engineering modification that reduces ship heat
Point Of Interests / Events
Ancient Ruins - a Guardian ruin that has only obelisks.
Beagle Point - a star system on the opposite side of the galaxy to sol
Bubble - the human inhabited area of space
CNB - Compromised Navigation Beacon, a nav beacon which has been hacked by Pirates
CG - Community Goal
Colonia - a star system 22,000 Lys from Sol, where Jaques Station was found
CZ - Conflict Zone, sites of ongoing battles
ELW - Earth-Like World
HazRES - Hazardous Resource Extraction Site, for bounty hunting without system security
HGE - High Grade Emissions, a temporary POI in space that spawn high grade materials
HighRES - high intensity resource extraction site for bounty hunting with system security
HMC - High Metal Content world
Hotspot - a POI that has high concentration of a particular commodity to mine
Guardian Beacon - a Guardian Monolith in space from which you can collect an ancient key
Guardian Site - a Guardian site that houses the ancient terminal
Mission Target - a POI where you would expect to find the target of your mission
Noobula - a nickname for the restricted area accessible only to new players
Pirate Activity - a POI where you would find NPC pirates
POI - Point Of Interest
Nav Beacon - a POI that allows you to download system data. Only appears in populated systems
NHSS - Non-Human Signal Source, a signal source emitted by extraterrestrial species
Outpost - an orbital station that allows docking of up to MEDIUM SHIPS
Planetary Base - a port on surfaces of a planet which allows docking of any ships
RES - Resource Extraction Site, useful for combat and mining
Sag A*, SGR A* - Sagittarius A* the black hole in the centre of the galaxy
Sol - name of a the solar system containing Earth
Starport - an orbital station that allows docking of any ship
The Black - a generic nickname for uninhabited areas of space
Tourist Beacon - a POI that allows you to scan information about a historical event
USS - Unidentified Signal Source, an signal that has yet to be scanned to determine its type
Galactic Measurments
c - the speed of light (1c = 300,000km/s or 300Mm/s)
Clicks - nickname given to kilometer (5 clicks = 5km)
Km - 1000 meters
Ly - lightyear - the distance light would travel in a year
Ls - light second - the distance light would travel in a second (300,000km or 300Mm)
m/s - speed measured in number of meters per second (1m/s = 1 meter every second)
Mm - Mega-meter - a distance of 1,000,000m or 1000km
Mm/s - speed measured in Mega-meters per second
Flight & Gameplay Terminology
Auto Dock - a module that allows the ship to dock or take-off automatically
Beacon - wing beacon - used to help wingmates find each other
Broken - term used to describe when a ship loses shields
BGS - Background Simulation - the system that controls the economy and politics of the galaxy
CC - Command Capital - a crediting system used in Powerplay
CQC - Close Quarters Combat, a PvP arena game mode
DSS - Detailed Surface Scanner
Drop - a term used to describe when a ship goes from supercruise to normal space
FA - Flight Assistance
FA on - flying with the Flight Assistance turned on
FA off - flying with the Flight Assistance turned off
FD - First Discovery - refers to when you are the first player to discover a body
Feds - nickname used for players or NPCs aligned to the Federation
FSS - Full Spectrum Scanner - a method of scanning a star system
Honk - the sound made by the discovery scanner performing an initial scan of a system
Gank - a vague term which typically refers to a player being attacked and killed while not seeking PvP
Ganker - a vague term used to refer to players who attack other players
Gold Rush - method of rapidly acquiring credits
High Wake - the marker left when a ship jumps to a different star system
Imps - nickname used for players or NPCs aligned to the Empire
Loop of Shame - the long process of turning around in supercruise after overshooting a destination
Low Wake - the marker left when a ship goes into supercruise
Mailslot - the entranceway to a starport
Mass Jump - when many ships jump to a different system together
Merit - awards given to players for actions taken in powerplay
Pip - the indicators showing the powerflow through the distributor
PvE - Player vs Environment - a player interacting with the game, ie fighting NPCs
PvP - Player vs Player - a player interacting with another player, ie shooting each other
Reboot/Repair - shuts down the ship temporarily to fix modules and restore shields to 50%
Rebuy - the cost to buy back your ship having been destroyed (5% of the ship value)
SC - SuperCruise (mode used for travelling around a star system)
Toastrack - the metal structure outside the mailslot of a starport
WMM - Wing Mining Mission - A method of making money that involves taking "Mining" missions, however rather than mining you are able to buy the materials at another station.
Combat Gameplay Terminology
Banking - using a shield cell bank to recharge your shield
ATR - Advanced Tactical Response - A type of elite security unit that is deployed to take down criminals with a high notoriety level
Boost - use of a significant amount of distributor energy to temporarily increase thruster output
Boost Bleeding - countering the forward thruster component during a during a boost to orbit the target
Boost Choking - deploying cargo hatch after boosting to limit speed but still improve handling
Cancel - use of a rail gun special effect to reduce the effectiveness of a targets shield cell bank
Hybrid tank - a ship that uses both hull and shields to tank damage
Interdict - attempt to pull a ship out of supercruise and into normal space
Pip check - taking fire with less than 4 pips in system to mitigate the damage
Plasma Ram - hitting a target with plasma accelerators, then ramming them, a very high damage combination