The Kano Model allows us to fit user needs into three categories; from this you can match your usability problems to what type of feature they impact and prioritize from there. From Wikipedia's article on the Kano Model:
Basic needs are things people need to do, this is where poor execution is really bad and amazing execution doesn't sound out as much. You notice these when it's broken, so they're a good priority for usability issues. Think about email; most people don't want an amazing email client, they want something that sends messages reliably.
Performance is where efficiency really counts: when they're not met, it's really bad. When they're met exceedingly well, they're great. These need a large amount of attention. Think Microsoft Word; every bad thing a user experiences in Word affects their performance. Even having a menu in the wrong place can ruin a worker's productivity.
Excitement is something that doesn't have a negative impact when it's not performed (or isn't performed particularly well) but it's inclusion has an immediate, joyous impact on it's users. Think Flipboard. There is no practical purpose for the flipping animations, but it creates instant amusement which is tied directly to the brand.
The Kano Model categorizes features not problems with features, but by knowing which features and what sort of problem (ugly design, poor efficiency, ) you can better assign priorities and severity to specific issues.
It's not quite an "Industry Standard", there is no Diagnostic and Statistic Manual (DSM) for UX/Usability, but it's a proven effective way to categorize user needs.