At the beginning of this episode we hear that Nog has been promoted from Cadet to Ensign, and is now a Starfleet officer.
Sisko mentions a starship called the Sarek, named after Spock's father, who died a few years earlier during Unification I (1991).
The title of this episode is a paraphrase of a line from the narrative poem The Aeneid, written by Virgil in Ancient Rome. The poem is a 'sequel' to The Odyssey by Homer and it describes how the wanderings of the Trojan soldier Aeneas bring him to Italy, to ultimately lay the foundations of Rome itself. The actual quote, as spoken by Sisko in the episode, is "Fortune favors the bold" ("audentes fortuna iuvat") and is found in Book 10, line 284 of the poem.
Sisko's passionate speech to Admiral Ross about the beauties of Bajor indicates the first time that he has openly revealed his love for the planet.
According to Wikipedia, "fortune favors the bold" can be attributed to at least 3 Latin proverbs. The sources appear to be Pliny the Younger and Virgil. The phrase has become idiomatic.