Yeah, you could be right, it's certainly similar.
It's odd though, the one we have for our ships only shows up when we have an active navigation target. If we don't it isn't displayed. The one in the Odyssey hud screenshot doesn't have the indicator dot 'pointing' towards a navigation target so either it's not hidden when inactive; or it's something else? I've also wondered if it's an indicator as to what kind of environment we are walking in. As such I wonder if maybe it is a planet because they are on a planetary surface, and on a station/outpost it might have an icon specific to those?
Either way I can say that while I do not expect EVA right now; we would need a navigational hud element in space.