That would work. Another way which can save you a bit of typing (depending upon the number of options) is to use [man]in_array/man, e.g.:
if( in_array( $var, array( "val1", "val2", "val3", "etc." ) ) )
EDIT: Guess I should point out that you'd need to utilize the $strict parameter of in_array() if you wanted to replicate the type of equality comparison as well.