I call ^A, ^B and so on "caret values" - not sure if that is the correct/official term for them (see caret notation). This is how a tool such as vi displays the related ASCII control characters.
ASSUMPTION: These are single characters - different from a ^ ASCII character followed by an A ASCII character. I am assuming that your source data contains these as control characters, not as ^ followed by A and so on. If my assumption is wrong, then the following will not help you.
As you note, ^A is the caret value for SOH - start of header - which, in turn, can be represented by the hex string x01.
For example, in Python that would be:
my_soh = '\x01'
You can use this (and \x02 for ^B) with Python's split() function.
I don't think you necessarily need a Python library for that. Just use:
key_val_pairs = my_string.split('\x01')
to split the initial string into an array of individual key/value strings - and then split each of those into their separate key and value using:
key_val_pair.split('\x02')
Or maybe create a dictionary:
d = dict(s.split('\x02') for s in key_val_pairs )
If you expect to find missing keys and/or values, you would need code to handle those.
There are various Stack Overflow questions which discuss splitting a Python string into key value pairs.
Those typically use non-control characters for the separators. But you can replace those with the ones you need for your data.
You can see a more complete list of "caret values" here for reference.
Here are some of them:
Name Abbrev Caret Dec Hex Oct Esc
Null NUL ^@ 0 00 000 \0
Start of heading SOH ^A 1 01 001
Start of text STX ^B 2 02 002
Line feed LF ^J 10 0a 012 \n
Vertical tab VT ^K 11 0b 013 \v
Speculating here, since we don't know the origins of your specific data set - but you do sometimes see these control characters used in this way, because these control characters do not typically occur in the data keys and values. They are therefore good candidates to be used as field separators, line terminators, and so on. I have seen this approach used in some enterprise software (Ab Initio is one).