there are many "formula ___" racing series - formula simply means a set of rules.  in the early days of grand prix auto racing, there was a race series called "formula libre" which is, i think, italian for "free form" - basically no rules, and the fastest car wins.  various rule sets were introduced over the years, and formula "one" was so named because it was to be the fastest and highest level of competition.  \n\nsee the links below for a great backstory on the history of GP racing as well as a list of other formulae series.
where did formula 1 get its name from?