Yes. He is referring to League of Shadows. However, very early in the movie he says “If you make yourself more than just a man, if you devote yourself to an ideal, you become something else entirely” so it seems obvious in hindsight that this applies to Ra’s as well as if applies to Batman.

Hell, I always thought Ken Watanabe was Ra’s Al Ghul and the title passed on to Liam Neeson after the former died.