BM created a new naming system for the new components created for System/360, although well-known old names, like IBM 1403 and IBM 1052, were retained. In this new naming system, components were given four-digit numbers starting with 2. The second digit described the type of component, as follows:
- 20xx: arithmetic processors, for example the IBM 2030, which was the CPU for the IBM System/360 Model 30;
- 21xx: power supplies and other equipment intimately associated with processors, for example the IBM 2167 Configuration Unit;
- 22xx: visual output devices, for example the IBM 2250 and IBM 2260 CRT displays, and the IBM 2203 line printer for the System/360 model 20;
- 23xx: direct-access and random-access storage devices, for example the IBM 2311 and IBM 2314 disk drives, the IBM 2321 Data Cell, the IBM 2361 Large Capacity Storage (Core Storage, Large Core Storage or LCS) and the IBM 2365 Processor Storage.
- 24xx: magnetic tape drives, for example the IBM 2401, IBM 2405 and IBM 2415;
- 25xx: punched card handling equipment, for example the IBM 2501 (card reader), IBM 2520 (card punch); IBM 2540 (reader/punch) and IBM 2560 (Multi-Function Card Machine or MFCM);
- 26xx: paper tape handling equipment, for example the IBM 2671 paper tape reader;
- 27xx: communications equipment, for example the IBM 2701, IBM 2705, IBM 2741 interactive terminal and the IBM 2780 batch terminal;
- 28xx: channels and controllers, for example the IBM 2821 Control Unit, IBM 2841 and IBM 2844; and
- 29xx: miscellaneous devices, for example the IBM 2914 Data Channel Switch and the IBM 2944 Data Channel Repeater.
IBM developed a new family of peripheral equipment for the S/360, carrying over a few from its older 1400 series. Interfaces were standardized, allowing greater flexibility to mix and match processors, controllers and peripherals than in the earlier product lines.
In addition, the S/360 computers could use certain peripherals that were originally developed for earlier computers. These earlier peripherals used a different numbering system, such as the IBM 1403chain printer. The 1403, an extremely reliable device which had already earned a reputation as a workhorse, was sold as the 1403-N1 when adapted for the System/360.
Also available were optical character recognition (OCR) readers 1287 and 1288.
Most small systems were sold with an IBM 1052-7 as the console typewriter. This was tightly integrated into the CPU — the keyboard would physically lock under program control. Certain high-end machines could optionally be purchased with a 2250 graphical display, costing upwards of US $100,000. The 360/85 used a 5450 display console that was not compatible with anything else in the line; the later 3066 console for the 370/165 and 370/168 used the same basic display design as the 360/85.