I know max has one, z brush has a ghosting mode which makes everything other than the mesh you are working on transparent which is not helpfull, especialy w/ orthographs. Either that Or ive got a wrong setting somewhere.
I'm not quite sure the effect you're trying to achieve. If you want transparency/ghosting to affect the selected subtool, you can adjust the opacity settings under Preferences: Draw
If you're looking make the mesh transparent for the sake of working with orthographic reference, you could consider the image plane option which has an option to adjust the transparency, or use spotlight with projection turned off.
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If you're looking make the mesh transparent for the sake of working with orthographic reference, you could consider the image plane option which has an option to adjust the transparency, or use spotlight with projection turned off.