Used in polite or formal situations when meeting someone new, implying respect and a desire to know them. It's a pleasure to make your acquaintance, Professor Higgins.
Pro Tip 2/3
First Encounter
Emphasizes the first time you meet someone. It isn't used for someone you've met before. Upon entering the meeting room, I was delighted to make your acquaintance.
Pro Tip 3/3
Slightly Formal
Though polite, the phrase can come off as slightly formal or old-fashioned in casual settings. I'm Noah, and I'm thrilled to make your acquaintance.