There's no control character for `Control`+`/`, so there's no natural choice of character or character sequence that the terminal can send. Many terminals send `^_`, i.e. the same character as `Control`+`_`. This includes xterm, rxvt, konsole and all terminals based on the vte library (Gnome Terminal, Mate Terminal, lxterminal, Terminator, …), but not macOS's built-in Terminal application.
You can see what your terminal sends by typing `Ctrl`+`V` then `Ctrl`+`/`. `Ctrl`+`V` means “insert the next character literally” (even if it would be otherwise interpreted as a command).
(For the role of the terminal, see How do keyboard input and text output work?)
`^_` is the shortcut for undo in Emacs and applications with Emacs-inspired keyboard shortcuts.