We use $Y=X/Z$ as the notation for the quotient space because the equivalence relation $\sim$, or strictly speaking $\sim_{X,Z}$, is completely known once you know the subspace $Z$. The definition of the relation is: for every $v,w\in X$, we say $v\sim w$ if and only if $v-w\in Z$. Then, you can easily verify that $\sim$ so defined is an equivalence relation on $X$, depending on $Z$.
So, the notation $X/Z$ quickly conveys what is meant. Contrast with $Y=X/\sim$. How would I know which relation $\sim$ refers to (without further elaboration)? Math is about communicating ideas. Now, you may want to use notation like $Y/\sim_{X,Z}$ to denote the quotient set by the above defined equivalence relation. This is fine if you're first learning the subject. For example, some teachers when introducing linear algebra write $0_V,0_W$ or $+_V,+_W$ to denote the zeros/addition operation on different vector spaces $V,W$ so as to distinguish the difference between them, but after a few lectures, they'll drop this extra notation and leave it up to the student to decipher the (almost always obvious) meaning from context. It's the same with quotient vector spaces: given a vector space $X$ and a subspace $Z\subset X$, the set $X/Z$ denotes the quotient set for the above relation, and you know that as long as you're working with vector spaces, the defining property of the equivalence relation is never messed around with. Hence, it quickly gets the meaning across without excessive notation. Also, the operations on $X/Z$ are the 'obvious ones' (well they're obvious once you work them out in detail atleast once).
An obligatory remark: in different contexts, we use the same notation to denote different things. For example, if you start with a topological space $X$, and a subset $A\subset X$, then the notation $X/A$ means something completely different. There are no vector spaces around, so it's obviously not the above meaning. What is meant is we let $\sim_A$ denote the equivalence relation generated by $a_1\sim_A a_2$, for $a_1,a_2\in A$ (or more explicitly, the intersection of all equivalence relations on $X$ containing $\{(a_1,a_2)\in X\times X\,:\, a_1,a_2\in A\}$); then $X/A:= X/\sim_A$. This equivalence relation has the following equivalence classes: for any point $x\in X\setminus A$, $[x]=\{x\}$ is a singleton, whereas for any $a\in A$, $[a]=A$. So, this 'collapses $A$ to a point'.
Now, one can consider the following situation: $X$ is a topological vector space (e.g $\Bbb{R}^n$) and $Z\subset X$ a vector subspace. Then, the symbol $X/Z$ has two potential meanings, the first as a quotient of vector spaces, the second as a quotient of topological spaces collapsing the subset to a single point. The intended meaning should always be decided based on context. Context is always important.