Decent Co-op was one of the most asked for things surrounding Elite: Dangerous when it first hit. There was no real way to 'party up' and work as a squad, which was a pretty big missing feature for a starship game.
That all changed in a recent update for the game called Wings. This allows co-op and party play to be much more organised by setting common goals.
Elite: Dangerous isn't known for explaining its rules all that often, but luckily, Frontier Games have decided to give players the lowdown on this new mode in this video. Give it a watch. I'll be putting it into practice sometime this week no doubt.