Yes I believe there is it goes like this.
HSS/5x8x14x60/1F This would = high speed steel 5mm Dia, 8mm shank, 14mm flute, 60mm total length/single flute
or
TC/6x10x20x70/R0.2/2F = Carbide 6mmDia, 10mm shank, 20mm flute, 70mm total length/0.2mm radius corner/twin flute

Most quality cutters come in a plastic case with this full info on the side along with part num and then on the top which is usualy what you see when stored they shorten it to 1F6 = single flute 6mmDia or 1F6R0.2 if radiused corners.

This shortened version is what I would use for quick selection then the rest you can see or read of the cutter shank it's self.