Yes, see OSD Memo and Guidebook, 4 March 2011, Subject: Department of Defense Source Selection Procedures at https://acc.dau.mil/CommunityBrowser.aspx?id=500588. Paragraph 1.2 of the OSD Source Selection Procedures Guidebook lays out the Best Value Continuum which includes a case for Lowest Price, Technically Acceptable. However, the primary practice of OSD source selection is reflected in paragraph 3.8, Best-Value Decision. The Government expects to select the vendor providing a capability that is the best value to the government which might not be the lowest cost option.
This OSD Source Selection Procedures Guidebook lays out standardized rating criteria that must be followed. Lowest Price Technically Acceptable is still an option but must be justified as described in the guidebook.