Yes, that is a common naming standard for private fields:
http://csharpguidelines.codeplex.com/
I happen to agree with @JonSkeet that the underscores are messy, but AFAIK that is the MS standard. The document he links to indicates not using underscores in your library, but I believe that is referring to public members.
Update
The first link actually advocates the opposite; don't use underscores. My mistake, but it's still a useful resource.
In deference to Mr. Skeet, I followed his link further to: http://msdn.microsoft.com/en-us/library/ms229012.aspx which also states that you shouldn't use underscores, but that guidance applies to static, protected and public members, but not necessarily to private members.
Bottom Line: Yes it is a common standard, but first use any internally agreed upon standard before trying to find/use external standards.