It's a bit tricky. You can talk about it but you should not indicate that you are an expert in any way just because you worked on something in school, unless it was a very extensive project that ended up actually being used in the real world. It ends up hurting your image in the mind of the company interviewing you if you sound overly impressed with a project that was academic in nature, because it makes you look inexperienced and overconfident.
Stick to the facts about the project and don't try to sound too impressed with it. Your ultimate goal should be to convey that it gave you an understanding of certain aspects and fundamentals, but that this understanding is not necessarily directly applicable to what a real company does on a real project.
Definitely do not mention it in regards to your ability to lead a team, work in a team environment, collect specs/requirements, etc. It's assumed that your education involved a lot of team work. To cite a specific project as having worked in a team environment makes it sound like it was unusual to work in a team environment. Mentioning mock business processes like collecting specs from your professor sounds like a kid playing pretend fireman. Again, you want only to convey that you have some limited experience applying your knowledge.
Edit: Of course, you want to convey that you know HOW to do requirements, just not that you have "experience" doing them because you got requirements by talking to a professor.