OK. This is a fair question, so let me clarify.
In calvinistic writings, the word "foreknowledge" is treated this way: The word is made up of two roots. "for" means "before" and "knowledge" means "to know". However, this knowing according to calvinists is not simple knowing but is from a word that means intimate and detailed knowledge and it includes the concept of intimate love, the way the scriptures use "know" when the text says that "Adam knew his wife". So, this knowing means that God did not merely have a general knowledge of who would be saved, but that he intimately knew and loved those who would be saved prior to their salvation and this intimate knowing in eternity past is the basis for election.
This explanation is faulty for several reasons. First, word meanings are not determined by breaking them into their roots, defining the roots in a wooden, literal way, then putting them back together to define the word. Kindof like the definition of "fellowship" is not "two fellows in a ship". Second, as Allan mentioned, lexicons do not define this particular word the way calvinists define it in their theological explanations. At least, I have not found one that does and it sounds like Allan has not found one either. Third, God's foreknowledge, as it relates to his attributes, is not limited to his knowledge of His elect. God's foreknowledge is far, far more comprehensive. In fact, his forknowledge is so complete that, to man, it is incomprehensible. The verse does not mean that God elected His saints because of his intimate knowledge of them, rather, he elected them based upon his comprehensive knowledge of all things. This comprehensive knowledge includes (not to be redundant) all things that happen, all things that could happen but do not, and all things that would happen if the things that could happen but do not did happen. It encompasses his grand design overall and every intricate detail that occurs. This comprehensive knowledge includes knowledge of the free choices made by his creatures. So, in a sense, his foreknowledge does include forseen faith in men, but his foreknowledge is so much greater than this single aspect that foreseen faith is wholly inadequate as a definition of foreknowledge.