Yes, it can refer to the caterpillar of the Great Leopard Moth.
http://www.butterfliesandmoths...
But it can also be the caterpillar of the Isabella Tiger Moth or Banded Woolybear:
http://www.butterfliesandmoths...
But yours looks most like the Virginian Tiger Moth or Yellow Woolybear Moth:
http://www.butterfliesandmoths...
So if someone tries to predict the weather using one, ask them which species they're using.