Something simular occurs in japanese with the uses of honnorifics such as sama, san, and chan, typically san is added to the name (not nessesarally the title) of another in the case of equals as a common sign of respect, when address a superiour the honorific sama is sometimes added instead just as when chan is used to address a child or person of intimate lower status basically the lower status deffers to thier betters more formally as the superior or dominants reffer more informally to those beneath them, though the use of chan is considered endearing and or affectionate

a direct translation of the english word for "Master" into japanese is insuficient as ther are many different types of masters in japanese each with different words used to describe them, Meijin for instance may suffice for some but Kacho might be more appropriate for others whereas Kunshu or Shihaisha (words for lord or master or ruler) are certianly safer and more formally appropriate in such circumstances as bdsm, allthough Sensei is also appropriate when addressing some one that is teaching yu something,

btw the name for slave is the common Dorei or Dorei Sekkusu to refer to a sex slave