The Collaborative International Dictionary of English v.0.48:

Phonics \Phon"ics\ (f[o^]n"[i^]ks), n.
   1. Same as Phonetics.
      [1913 Webster]

   2. A method of teaching reading and spelling to beginning
      students, emphasizing the sound values of individual
      letters and syllables, and the relationship between
      pronunciation and spelling. Contrasted to whole language
      method and sentence method.
      [PJC]

WordNet (r) 3.0 (2006):

phonics
    n 1: teaching reading by training beginners to associate letters
         with their sound values