Generally yes, but more accurately, it is to be meant as a superscript of the character following the "^." This is often, but not always, meant to mean a number to a power.
There are several meanings to the inverted v, but the most common one has already been described pretty well!
1. Vector product - more often denoted by a cross (like the multiplication symbol), it is sometimes written as an inverted v (and called the "wedge product" for this reason).
2. Logical AND - the proposition "p and q" is written "p (inverted v) q" in logic.
There are probably others, but I can't think of any off-hand at the moment.