Thanks for your input! I agree that it is common practice. However, here is the ANSI standard:
The ANSI Z535.4-2007 standard will use the following definitions for signal words:
• 4.14.1 DANGER: Indicates a hazardous situation which, if not avoided, will result in death or serious injury. This signal word is to be limited to the most extreme situations.
• 4.14.2 WARNING: Indicates a hazardous situation which, if not avoided, could result in death or serious injury.
The examples I've seen to select a signal word essentially come down to this:
If interaction with the hazard
WILL cause serious injury or death use DANGER.
If interaction with the hazard
COULD cause serious injury or death use WARNING.
I know we now have to define a "serious" injury also. I suppose if it is me that gets hurts that is really serious!

I've seen just about every combination imaginable. Just another gray area for us.