Halstead's software science is an analytical estimation method that uses simple assumptions and program parameters like unique operators, unique operands, total operators, and total operands to estimate properties of a program like overall length, potential minimum volume, actual volume, effort required, and development time. It defines terms like program vocabulary, program length, program volume, potential program volume, program level, and uses equations involving these terms to estimate effort and length of a program based on the counts of unique operators and operands.