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