To space combat, play it turn by turn, definitely. Don't let the autopilot do combat for you unless you really outgun someone and also outfly them (like, more than about 1.5 times their flyspeed), otherwise it will make stupid decisions that you could avoid.
For one-on-one combat, hover the mouse over your target after EVERY round, to see if they're still engaging you, or heading off. If they're breaking and running, you can choose to chase them if you're looking for a kill or a surrender, or break it off if it was self defense and you're not sure if you really want to keep it going.
Never one-on-one someone who can outfly you by a decent margin unless you can take them in a turn or two (any more than about 50 a turn is dicey, and above 100 is basically pointless).
Never one-on-one if you can avoid it>USE YOUR COMMS. If its a particularly annoying pirate, you may find that you can call every other ship in the system down on it, leading to it being hit by so much more than you alone.
For melee's such as those that normally result with Dominators round, you can either go for solo kills if you have the weaponry, or go for fast kills that you might get less credit for if its really tight, by checking on your allied ships to see who's shooting who.
Generals: Missiles/torpedo's are for killing almost purely>the fact that you probably have 2 or 3 rounds worth in the air means that if you want to let someone live, you'll have to turn off firing them turns in advance (which can be so much less intimidating :P).
Long range stuff is useful if you have a slow ship, so you can actually hit stuff more than once, but if you're fast and keep track of movements, short range weapon classes tend to have a lot more bang for your buck (see fragment cannons, they can match damage with some of the mid-level weapons even).
SO off topic so I apologise ;)