Yes, its the same 1/2" teflon tape; works wonders with plastics. I found out years ago that when it didn't stick, it was because I had wound it on the pipe backwards. It must be wound in the direction you are going to turn the fitting (usually clockwise).
Under Kentucky code, we speak of thread lubricant or joint compound; a properly lubricated joint will tighten to a point of no leaks (air or water). Male pipe fittings are threaded in a cone configuration, which means the further we screw the fitting on, the better the seal. I used to have my students to screw a fitting on a steel pipe without any joint compound then feel the fitting (it gets real warm from the friction). I know it says on the can it is a superior sealer, preventing any leaks. If the joint compound were the only thing between us and a leak, what will be there 30 years from now?