The standard form of a parabola is a way to express the equation of a parabola as $$y = a(x - h)^2 + k$$ or $$x = a(y - k)^2 + h$$, where (h, k) is the vertex of the parabola and 'a' determines its width and direction. This format helps in easily identifying key features such as the vertex, direction of opening, and the focus-directrix property which are essential in solving systems involving conic sections.