Here is what the CCSS have to say when division and fractions are being introduced in grade 3:
http://www.corestandards.org/Math/Content/3/introduction/
Students develop an understanding of the meanings of multiplication and division of whole numbers through activities and problems involving equal-sized groups, arrays, and area models; multiplication is finding an unknown product, and division is finding an unknown factor in these situations. For equal-sized group situations, division can require finding the unknown number of groups or the unknown group size. Students use properties of operations to calculate products of whole numbers, using increasingly sophisticated strategies based on these properties to solve multiplication and division problems involving single-digit factors. By comparing a variety of solution strategies, students learn the relationship between multiplication and division.
Students develop an understanding of fractions, beginning with unit fractions. Students view fractions in general as being built out of unit fractions, and they use fractions along with visual fraction models to represent parts of a whole. Students understand that the size of a fractional part is relative to the size of the whole. For example, 1/2 of the paint in a small bucket could be less paint than 1/3 of the paint in a larger bucket, but 1/3 of a ribbon is longer than 1/5 of the same ribbon because when the ribbon is divided into 3 equal parts, the parts are longer than when the ribbon is divided into 5 equal parts. Students are able to use fractions to represent numbers equal to, less than, and greater than one. They solve problems that involve comparing fractions by using visual fraction models and strategies based on noticing equal numerators or denominators.
In other words, division is (as you suggest) being defined as an inverse to multiplication. Since the CCSS defines multiplication in a way which distinguishes the two factors ($A \times B$ is the number of units $A$ groups, is each group has $B$ units), there are actually TWO distinct definitions of division which must be unified through the commutative property of multiplication:
The "How many groups" definition of division:
We define $A \div B$ to be the number $C$ which solves the multiplication problem $C \times B = A$. For example $12 \div 4 = 3$ since if want a certain number of groups, each containing 4 units, to give us 12 units total, then we must have 3 of those groups.
The "How many units in each group" definition of division:
We alternatively define $A \div B$ to be the number $C$ which solves the multiplication problem $B \times C = A$. For example $12 \div 4 = 3$ since if want 4 groups, each containing a certain number of units, to give us 12 units total, then we must have 3 units in each group.
The definition of $\frac{A}{B}$ of a unit is to take the unit amount, split it into $B$ equal sized parts to obtain the unit fraction $\frac{1}{B}$. Then $\frac{A}{B}$ is defined to be equal to $A$ of these parts of size $\frac{1}{B}$. For instance, the definition of $\frac{4}{3}$ of a pound would be to take $1$ pound, split it into three equal sized pieces each called $\frac{1}{3}$ pound. Then four of these pieces is $\frac{4}{3}$ pound.
According to these definitions, there is no direct link between $A \div B$ and $\frac{A}{B}$. However, we can argue their equality using the definitions, both "intuitively" and more formally.
From an intuitive "how many units in each group" perspective $A \div B$ could be thought of as the answer to the question: "I have A cupcakes, and B people to share them with. What fraction of a cupcake will each person receive?". One way to answer this is to split each cupcake into $B$ parts. Now I can give $\frac{1}{B}$ to each person from each of the $A$ cupcakes, yielding $\frac{A}{B}$ cupcakes for each person. Thus $A \div B = \frac{A}{B}$.
From an intuitive "how many groups" perspective, $A \div B$ could be thought of as the answer to the question : "I have A pounds of flour. It takes B pounds to make one recipe. How many recipes can I make?". One way to answer this question is to split each recipe into $B$ equal parts. Then it takes $1$ pound of flour to make $\frac{1}{B}$ recipes. Since I have $A$ pounds of flour, I can make $\frac{A}{B}$ recipes.
From a more formal/algebraic perspective we might make the following analogous definitions and proofs:
Let $A,B \in \mathbb{R}$ with $B \neq 0$. We define $A \div B$ as the real number $C$ so that $B \times C = A$.
If we were being really formal, I supposed existence and uniqueness of this number would need to be addressed. I have never seen any elementary text address the uniqueness part.
Let $A, B \in \mathbb{R}$ with $B \neq 0$. Define $\frac{A}{B} = AB^{-1}$, where $B^{-1}$ is the multiplicative inverse of $B$.
Note that this corresponds to our intuitive treatment of fractions. $\frac{1}{B}$ was defined as the number such that $B$ of them yields $1$: aka it was defined as the multiplicative inverse of $B$.
Now to check that $A \div B = \frac{A}{B}$, we just need to check that $\frac{A}{B}$ satisfies the definition of the quotient:
$
\begin{align*}
B \times \frac{A}{B} &= B \times (A \times \frac{1}{B})\\
&= A \times (B \times \frac{1}{B})\\
&= A \times 1\\
&= A
\end{align*}
$
This whole discussion will fly way over the head of almost any student though. Ideally the teacher can be aware of these issues, so that they can design tasks which target the intuitive development of these ideas.
There is a tension between the logical development of the ideas, which has a strict progression from the definitions, and the desired end state, in which the intuitions, understandings, and equivalences are so strong that it is easy to forget what originally implied what. You want to build number and operation sense which is so strong that these ideas are all applied intuitively at the subconscious level. I am not sure how to resolve this tension. We want a really big "The following are all equivalent" statements to be living (implicitly) in the mind of each student, but we cannot get there without a logical progression.