I design, wire, install, troubleshoot, etc. alot of control panels that have both 120AC and 24DC in them.
If I'm checking for the presence of 120AC, I usually use a solenoid type wiggy. Because it 'loads' the circuit a bit, it won't read induced phantom voltage like a digital meter will.
If a standard color code (like the one Jim stated above) is not used, it's easy to put the wiggy across the 120AC hot and a DC circuit. Then you have considerably more troubleshooting to do!
I stick with the color code, and label everything, it makes for a clean installation that's easy to add on to or repair.