What does %~d0 mean in a Windows batch file?

I’m looking at a batch file which defines the following variables:

set _SCRIPT_DRIVE=%~d0
set _SCRIPT_PATH=%~p0

• What do %~d0 or %~p0 actually mean?
• Is there a set of well-known values for things like current directory, drive, parameters to a script?
• Are there any other similar shortcuts I could use?