I'm not quite sure if you're asking whether you should partition the OS separate from the backups, or if you're asking if you should partition the backups itself into smaller chunks.
First, I would highly recommend separating the OS from the backups. What if the OS got corrupted and you had to restore? That would be a pain for your backups. Also, (assuming you're using Linux) you can mount your backups with no "no suid" for added security, etc...
Secondly, how are the backups going to be performed? What will the file tree look like? Will everything be stored in 1 huge flat directory, or will there be sub directories? This will help determine your partition structure.
Third, have you considered a RAID 6 instead of a RAID 5? If you're going for backups (and performance isn't an issue), then this might be a better way to go. A RAID 6...
extends RAID 5 by adding an additional parity block; thus it uses block-level striping with two parity blocks distributed across all member disks. (Wikipedia)
It provides the added protection of allowing 2 drives to fail, instead of 1, during a drive rebuild.