Create Relationships within same table and determine hierarchy level for each record.

I think you are going to find this difficult to work with both in constructing the table schema and entering data. I would go back to whatever system is creating the information. I assume this is some type of Multi-Level BOMs (Bill of Material). If you can get some file that describes the BOM as XML, JSON, or YAML hierarchy it would be easier to use script to both import the data on an ongoing basis and build a representation it in a table.