The procedural generation of the galaxy is all powered by what we call "boxels". The galaxy is divided up into cubic sectors, 1280 LYs per side. Each sector is divided up into eight sets of "mass code" boxels. Boxel set h, the largest, is a single boxel that takes up the entire 1280 LY cube. Set g divides the sector into eight boxels, each of which are 640 LY per side. Set f has 4^3=64 boxels, 320 LY per side, and so on down to boxel set a, which has 2,097,152 boxels only 10 LY per side. Those code-letters are the last letter in the name eg. the "Phylurn ZJ-I d9-13" system, the mass code is "d".
Stars created within each boxel tend to have very similar properties. Mass is the primary indicator, which is why we call the letters "mass codes". For example, the boxel H set are always giant stars, black holes and so forth, while boxel A are always brown dwarfs with the occasional red dwarf.
Stars within each boxel also share the same basic properties in terms of average age (which in turn determines whether a large star will have exploded and tuned into a neutron star/black hole), metallicity (which determines the types and qualities of likely planets), and so forth.
For more details on the analysis of the boxel system,
Jackie Silver's old thread is probably still the best. For a highly informative video on how the Stellar Forge algorithms create the ED galaxy, check out the hour-long Dr Ross' interview in
Discovery Scanner Chapter 1.
However, your observation about biological signals on planets isn't really linked to mass codes. Biologicals tend to require certain preconditions to be met (which are often outlined in the Codex), and one of the preconditions for most biologicals is "must be near a nebula". So if you happen to be near a nebula, there will tend to be plenty of biologicals (mostly bark mounds). Other biologicals require certain star types (which is only coincidentally linked to mass codes), while brain trees require proximity to Guardian ruins.
For Earth-likes, the probability largely depends on the star type. According to my survey results, class A stars have about a 1.8% chance of finding an Earth-like, F and G stars have around a 1.6% chance, and K stars have about a 1.1% chance; every other common star class is far below 1%. So stick to A, F and G stars and you should maximize your chances of finding ELWs, but they'll still be (on average) an ELW in only one in every 60 stars. Note that's an average; you might go through hundreds of F class stars and never see an ELW, then see three in a row. Veteran ELW-hunters will have experienced both of those extremes.