The term for the potential energy stored in an object due to its position is gravitational potential energy. This energy is dependent on the object's height above a reference point, typically the ground, and its mass. The formula for calculating gravitational potential energy is PE = mgh, where PE represents potential energy, m is mass, g is the acceleration due to gravity, and h is the height. This form of potential energy is crucial in understanding how energy is transferred and transformed in various physical systems.