Since 2003, MLB determines home field advantage in the World Series by the winner of the All–Star Game. Not same but similar.

Interestingly, in the new CBA which was agreed to last night, they have removed this.

HFA in the WS might not be an advantage though. I'd argue it has actually been an advantage for the NL team if the AL team gets HFA in recent history because it helped their hitting. The last WS would be a good example.

The MLB system isn't similar at all.

Home field advantage in baseball is small and no certain road to victory and there's no specific series/game situation in which it would come into play in determining the result. To wit, the last World Series featured home team wins in just 2 of 7 games.

And the result of the All-Star Game is determined largely by the performance of players who will not feature in the World Series: at most 1/8th of the rosters are World Series participants, often much less. Further, the AllStar game is not managed with an eye towards maximizing the chances of victory, but instead to maximize the number of players to appear in the game; and pitchers that pitched two days before the game are not included, regardless of their skill level.