It is found that under mild assumptions, feedback system stability can be concluded if one can 'topologically separate' the infinite-dimensional function space containing the system's dynamical input-output relations into two regions, one region containing the dynamical input-output relation of the 'feedforward' element of the system and the other region containing the dynamical output-input relation of the 'feedback' element. Nonlinear system stability criteria of both the input-output type and the state-space (Lyapunov) type are interpreted in this context. The abstract generality and conceptual simplicity afforded by the topological separation perspective clarifies some of the basic issues underlying stability theory and serves to suggest improvements in existing stability criteria. A generalization of Zames' conic-relation stability criterion is proved, laying the foundation for improved multivariable generalizations of the frequency-domain circle stability criterion for nonlinear systems.