Yes and no. As a catcher, you are taught to put the mitt where you want the baseball (which 95% of the time is at the knees). As a pitcher, you usually are 'aiming' for the mitt, but sometimes you use other visual keys (such as a location on a shin guard or maybe the catcher's shoulder when looking to go high and tight).
Unless the pitcher is throwing a really good breaking ball that he continually misses low with, a catcher should NEVER put the target at the belt. Even then, you don't want to do that every time the pitcher throws said curve, that would tip the pitch to the opposing dugout.