The present participle of denote; currently indicating, referring to, or expressing the literal meaning of something.
From denote + -ing (present participle suffix). Denote itself comes from Latin denōtāre (to mark, indicate), so denoting is actively performing that marking function.
The phrase 'denoting' appears all over mathematical and linguistic papers because mathematicians need a word for 'this symbol points to that concept'—it's like a technical version of 'meaning' but more precise.
Complete word intelligence in one call. Free tier — 50 lookups/day.