Similarity to Carl Sagan's Contact
(WARNING: The following contains spoilers for the novel/movie 'Contact')
Sagan also used Pi and was probably the forerunner of this movie. I haven't watched the movie for 'Contact' but I do know that this major 'teaser' at the end of Sagan's novel is absent in the movie version. So if you've only seen the movie and haven't read the book, you wouldn't be aware of this (and I urge you to read the book... there are some things that can't be translated well into a 2 hour film LOL, and speculative science fiction is one of them).
Anyway, in the book Sagan also posited that in Pi there was a supposedly hidden 'pattern' somewhere down the infinite list of numbers that constitute its value. In fact he goes on to say that all Transcendental numbers(of which Pi is an example) each have hidden messages from what supposedly was the creator race/being of the Universe (or God if you're religious, heh).
I'm not really good at explaining, so I'll just post someone else's from wikipedia. ;)
"In a kind of postscript, Ellie, acting upon a suggestion by the senders of the Message, works on a program which computes the digits of π to record lengths and in different bases. Very, very far from the decimal point (1020) and in base 11, it finds that a special pattern does exist when the numbers stop varying randomly and start producing 1's and 0's in a very long string. The string's length is the product of 11 prime numbers. The 1's and 0's when organized as a square of specific dimensions form a rasterized circle.
The extraterrestrials suggest that this is an unmistakably intelligent artifact, an artist's signature, woven into the fabric of space. It is another Message, one from the universe's creator. Yet the extraterrestrials are just as ignorant to its meaning as Ellie, as it could be still some sort of a statistical anomaly. They also make reference to older artifacts built from space time itself (namely the wormhole transit system) abandoned by a prior civilization. A line in the book suggests that the image is a foretaste of deeper marvels hidden even farther within Pi. This new pursuit becomes analogous to SETI; it is another search for meaningful signals in apparent noise. This idea, among other plot points, was omitted from the film version."
In this movie, Cohen never does find that 'pattern' and instead chose to stop the search for fear of becoming someone like Robeson who died when he resumed his search for the 216-digit 'name of God' or the Unified theory or whatever that actually was. The funny thing was, the movie was entitled 'Pi', but actually deals more with the Fibonacci Sequence - the spiral, not the circle. The formula of which uses the constant θ (Theta), not the π(Pi).
In Contact, the 'pattern' was found by Ellie after four years by a computer running continuously for 4 years. The message (or the 'foreword' indicating a real message deeper into the code) was a simple perfect circle in a segment of the infinite string of Pi composed of 1's and 0's in base11. The implications of which is astounding. As the message would be embedded in the very design of the universe itself, as Pi is universal and is present wherever there are circles. A reconciliation perhaps of agnosticism and science.
This is the only connection I see of why this movie was entitled 'Pi', rather than 'The Golden Spiral' or 'Theta' or some other transcendental number (like 'e')closer to what the actual film was about. A reference to the similar search in 'Contact'. Perhaps Aronofsky read the book and got the idea from there?