I have worked with commercial textiles users and companies extensively and never heard it said in the USA, anyway, any other way.

The selvedge is the edge where codes and other types of information are written by manufacturers and it keeps the fabric edges from unraveling. Using the word selvedge makes the meaning clear immediately and so I would use it in favor of a less clear term such as "bleed" or even edge. "Edge" is not as specific and can mean anything while "selvedge" has only one, clear meaning. HTH

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Note added at 3 hrs 7 mins (2005-09-13 16:01:26 GMT)
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Quilt Lessons and Classes: Making a quilt backing
Trim the selvedge edges off the seam at this point and cut the "crease across
the yardage" . Now you can press the seam allowance open or to the side, ...
www.zeffiesquilts.com/Backing.htm - 7k - Cached - Similar pages

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Note added at 3 hrs 8 mins (2005-09-13 16:02:19 GMT)
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Step-by-step Manufacturing of Float Glass
Diamond wheels trim off selvedge - stressed edges - and cut the ribbon to size
dictated by computer. Float glass is sold by the square metre. ...
www.pilkington.com/pilkington/Corporate/ English/education/float+process/step+by+step/default.htm - 57k - Cached - Similar pages

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Note added at 3 hrs 9 mins (2005-09-13 16:03:10 GMT)
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FAB-CON Machinery Development Co. : Selvedge Trimmer
Waste-free, precise open-width selvedge trim cutting using simple,
low-maintenance "Score-cut" method. [Previous], Fabric Moisturizer. [Next], Folders ...
www.fab-con.com/p97.htm - 5k - Cached - Similar pages

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Note added at 3 hrs 10 mins (2005-09-13 16:04:21 GMT)
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Long Vest This is a really fun item to add to your wardrobe. The ...
On my lace vest, I used the pretty selvedge as trim around the bottom of the vest
and satin ribbon around the arm holes and front. ...
gothfashion.info/longvest.html - 8k - Cached - Similar pages

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Note added at 3 hrs 11 mins (2005-09-13 16:05:47 GMT)
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Note, selvedges are often left on the garment as a decorative edge, or they are trimmed off; they can be the edge along which fabric is seamed so the selvedge strength is employed in giving a seam extra heft and durability.