I am not aware of a "standard" but there are numerous recommendations that are cited and a web search should locate them. However, I have experienced fluid induced instability (subsynchronous activity at 45% to 46% of running speed) on a large steam turbine (3600 RPM) and testing indicated that the water content was around 3%. With no changes to the machine except for a concentrated effort on water removal, the subsynchronous activity disappeared. There probably isn't anything magic about the 3% number because bearing behavior can be significantly affected by bearing load (unknown) and this certainly wasn't a scientific study, more just an observation initiated by the milky appearance of oil in a drain glass. I would expect for instance the threshold to vary significantly depending on whether the bearing was operating in a laminar vs. turbulent regime.