No, in Everquest you have to "con" a mob of the faction you are looking for from a safe distance, when not invisible..by right clicking on the mob of the faction you want and you will get a message in your chat window that indicates your standing re that particular faction. i.e. "A Dragorn scowls at you (meaning you are kill on site with the mob and mobs of that faction) or a Dragorn glares at you threateningly (still KOS status) or A Dragorn considers you amiably/kindly/warmly/ally etc
The link below has a small table where you can see which levels of faction take the longest to improve etc. Numbers may conflict between charts from different sites but the size or range of each faction level can be seen relative to one another.
http://articles.eqresource.com/factionexplained.php
Good luck.
Edited, May 8th 2014 7:11am by hexeez