Turning the power off to all of the work stations is very common in educational classrooms. It is not always for 'emergency' power off, it is not uncommon for it to be a way to keep the lab safe when it is unsupervised and to prevent 'noise' during the instruction portion.
In many classrooms the power off buttons are located in only one or two areas usually near the lab office or the teaching station. The reset/restart button is often mounted on the cover of the panel.
The most common control element seems to be a mechanically held relay. Many panelboard manufacturers offer this as a standard option.
The Off button is usually a non-mushroom head with normally open contacts which close to provide a tripping signal (smiliar to a shunt trip).