This is a common tactic used in PvE primarily. This tactic allows you to keep a high transversal velocity, making it difficult for ships with large calibre guns from hitting you.
It should NOT be confused with corkscrewing.
The commands to issue the ship to achieve this is as follows:
You basically start off with a really wide orbit, then gradually shrink down as you get closer to the enemy.You can also manually pilot at the beginnning to get a better balance of transverse velocity and actually approaching the target faster.