Instead of increasing the vertical space for rows, I propose you some changes:
- Don't use
\frac{a}{b} but simply a/b; this increases readability.
- Use the features provided by the
booktabs and array packages.
Eliminate the vertical rules.
\documentclass{article}
\usepackage{amsmath}
\usepackage{array}
\usepackage{booktabs}
\begin{document}
\begin{center}
\begin{tabular}{*{2}{>{$}c<{$}} c}
\toprule
\multicolumn{1}{c}{Critical Points $P_0$} & f(P_0) & Conclusion \\
\cmidrule(r){1-1}\cmidrule(lr){2-2}\cmidrule(l){3-3}
(0,0,1) & 0 & Local Extrema\\
(0,0,-1) & -2 & Absolute minimum \\
(0,0,1/2 ) & 1/4 & Local Extrema \\
(0,0,\sqrt{12}/5) & 8/5 & Absolute maximum \\
(0,0, -\sqrt{12}/5) & 8/5 & Absolute maximum \\
\bottomrule
\end{tabular}
\end{center}
\end{document}

If, for some reason, using array and booktabs is not possible, my first and third recommendations still apply and you can change \arraystretch; something along these lines:
\documentclass{article}
\usepackage{amsmath}
\begin{document}
\begin{center}
\renewcommand\arraystretch{1.2}
\begin{tabular}{c c c}
\hline
Critical Points $P_0$ & $f(P_0)$ & Conclusion \\
\hline
$(0,0,1)$ & $0$ & Local Extrema\\
$(0,0,-1)$ & $-2$ & Absolute minimum \\
$(0,0,1/2 )$ & $1/4$ & Local Extrema \\
$(0,0,\sqrt{12}/5)$ & $8/5$ & Absolute maximum \\
$(0,0, -\sqrt{12}/5)$ & $8/5$ & Absolute maximum \\
\hline
\end{tabular}
\end{center}
\end{document}
