The two letters followed by a number denotes your job type and rank (MOS to you guys, Navy Enlisted Classification) to us). Follows a few conventions. Mostly just two letters from that job, AO being aviation ordnanceman, ET being electronics technician, AG being Aerographers Mate, or weather guesser
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Ranks expressed as AN - Airman, Seaman - SN, for E-1 through E-3, while E-4 through E-6 are Petty Officer third class (AO3) through Petty Officer first class, (ET1) E-7 through E-9 (only one E-10 in the Navy) being Chief (AWC), Senior Chief (AOCS) and Master Chief (ETCM) Lots of details, but thats the basics.
First letter
Squadron designations.
First letter = type
V=fixed wing
Second letter = mission
P= Patrol
(squadrons with multiple missions lead to ones like VAQ, or HSL, of VFA)
Number is simple which squadron of that type you are. SO any Navy person can see at a glance what sort of aircraft you were involved with.