It is not conventional and will not be broadly understood without an explanation of what it means, but there's nothing incorrect about it if you explain it before using it.
Here's another example of its use: Suppose $H_1,\ldots,H_n$ are mutually exclusive hypotheses one of which must be true. Their probabilities given some new data $D$ are desired. Then
$$
(P(H_1\mid D),\ldots,P(H_n\mid D)) \overset{\wedge}{=} (P(H_1),\ldots,P(H_n)) \cdot (P(D\mid H_1),\ldots,P(D\mid H_n))
$$
where the dot means term-by-term multiplication. After thus finding the equivalence class of the vector on the left, the constant by which all components must be multiplied to get the actual probabilities is the one that makes their sum equal to $1$.
And yet another example: A linear dependence among vectors $\vec{x}_1,\ldots,\vec{x}_m$ is an $m$-tuple of scalars $c_1,\ldots,c_m$, not all $0$, such that $c_1\vec{x}_1+ \cdots+c_m\vec{x}_m=\vec{0}$. But any nonzero scalar multiple of $(c_1,\ldots,c_n)$ works just as well, and expresses exactly the same nature of dependence among $\vec{x}_1,\ldots,\vec{x}_m$. Therefore a linear dependence is really an equivalence class of such tuples. One way of putting it is that the space of linear dependences is a projective space.