Yeah, you are right. The particular standard I am working on states that you can use a component "A) if it meets Applicable IEC Standards B)Meets standards that are equal to or exceeding the IEC standards, even if they are non IEC standards, as long as they have a recognized listing"
There is a C) and a D) and a E) as well, but B is what I am most interested in. To me, it is intentionally vague. There are not standards to quantify "equal to or exceeding", just the wording "equal to or exceeding". For this reason, it is ok to substitute UL and CSA approvals for the IEC standards. As long as the listing is relevent. For example, a circuit breaker has several possible UL listings, you would still have to choose the appropriate one for the application.
B) is certainly vague, intentionally so in my opinion.