Each "way" is an additional speaker added to the main speaker.
A 3 way is 3 speakers in all - the main speaker and two tweeters (one tweeter may be smaller than the other).
These are also known as coaxial speakers.
Component speakers are just one speaker. So you'll have a main speaker in the lower part of the door and a tweeter in the upper part maybe on the opposite side of the door as the outside mirror for example.