That system seems to ignore the many slaves inbetween... what about delta, gamma, pi, rho... etc (I can't recall all the greek alphabet off the top of my head any more). Surely before you have an omega slave you will have to have all of these and that is a lot of slaves... unless you just define them as last and insert any new slaves in ahead of them
The way I have usually seen it happen is that you have one 'alpha' who is in charge of all the other slaves. You may have a number of 'betas' and I suppose you could rank your slaves in this way based on how much devotion/service etc they perform (i.e. your alpha is your live in lover, your 24/7 slave whereas your betas are those who come round to serve daily and your omegas are the occasional slaves who do service at weekends only or one day a month or something). However, I have generally only seen it as an alpha and 'all the other slaves' who have no rank other than to be under the alpha who is under the Dom/me.