Yes, although the London underground uses a slightly different convention. The lines have names like Northern, Central etc, and most are linear. The line level signage at a station usually directs you to an eastbound / westbound / northbound or southbound platform. The direction and destination of a specific train is indicated by the furthest stop in each direction (which can vary depending on whether the line bifurcates, or a train isn't going all the way to the end).
For example, you'd think about going westbound on the Piccadilly line if you wanted to get to Heathrow from Central London
For example, you'd think about going westbound on the Piccadilly line if you wanted to get to Heathrow from Central London