Can mathematical definitions of the form "P if Q" be interpreted as "P if and only if Q"? 
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Alternative ways to say “if and only if”? 

So when I come across mathematical definitions like "A function is continuous if...."A space is compact if....","Two continuous functions are homotopic if.....", etc when is it okay to assume that the definition includes the converse as well?

Absolutely. The definition will state that we say [something] is $P$ if $Q$. Thus, every time that $Q$ holds, $P$ also holds. The definition would be useless if the other direction didn't hold, though. We want our terms to be consistent, so it is tacitly assumed that we will also say $P$ only if $Q$. Many texts prefer to avoid leaving this as tacit, and simply state it as "if and only if" in their definitions.
