Yes, such an aspect is common amongst in football on both the club and national level. While some leagues have official rules on the matter, such as the Champions League (where a "Multiple-Winner Badge", seen below, is rewarded for any club winning the Champions League five times or three consecutive), while others are far less formal. It's not uncommon for these rules to be loosely enforced as well; the equipment regulations for FIFA competitions, section 18.2 states:
"Those Member Associations that have won the FIFA World Cup may put a symbol on the playing shirt representing this accomplishment and the number of times won.
However, Uruguay's national team wears four stars (for their two World Cup victories and their two Olympic victories before the World Cup began, which they recognize themselves as Championships), and are allowed to get away with it.
In the end, unless there is a codified rule in place and enforced, like the Champions League badge, many of the stars are placed on uniforms by the club at their own behest, depending on what titles a team feels are significant. Occasionally this may adhere to an accepted standard such as the one mentioned in your question, but the club or nation does not necessarily have to take into account anything other than what they want to display on their kits.