I've certainly seen some notation being used for chords that can be used for lyrics, too. Basically, you add the bars, and then you divide each bar into an equal number of intervals, usually 2, 4 or 8. If then a syllable is longer that this basic unit, you add
-- after it.
To give an example:
| Yes-ter-day -- | -- | -- -- All my | trou-bles seemed so | far -- a-way | --
| -- -- Now it | looks as though they're | here -- to stay, | -- oh
| I -- be-lieve | -- in | yes- -- ter-day. | -- |
Note that for convenience, we divide each bar of the song in two bars (i.e.,
2/4 rather than
4/4). The syncopation, if occurs a lot, can be marked in another way, too:
| Yes-ter-day -- | -- | -- -- All my | trou-bles seemed so | far a- <| way
| -- -- Now it | looks as though they're | here to <| stay, oh
| I be- <| lieve in | yes-ter- <| day. |
It's not particularly useful or visible here since the song doesn't really have syncopation, but I hope the idea is clear.