What do ε₀ and V mean in a Pourbaix diagram?
This is a Pourbaix Diagram (I assume this is where you got this figure). While it's not a common notation as far as I'm aware, $\epsilon_0$ is being used to represent the reduction potential in volts (V). As mentioned at the top of the Wikipedia page, this is basically a phase diagram, that tells you the ranges of voltage/pH for which a particular species of (in this case) iron is most thermodynamically favorable. The dividing lines coincide with an even mixture of the surrounding species.