The Scientific Revolution is commonly regarded to have been in full swing at the turn of the 17th century, and it was right around this time that a German scientist came up with a quick and easy (for the time, at least) nomenclature system for his particular field of study. This system, named after the scientist himself, originally consisted of a lowercase Greek or Latin letter that (loosely) pinpointed a particular attribute, coupled with a specific set of Latin words that worked to swiftly assign names to what he was working on.
The system has since been tweaked and expanded by other scientists building off of his work, but is still very much recognizable and in use today.
What is this naming system called, and what does it classify?
(Bonus: In an interesting overlap, one of the subjects of study under this classification indirectly inspired the name of a former Formula 1 team.)