Refer to the following letter from John Miles, Directorate of Compliance Programs at OSHA: [excerpt only]

"Specifically you requested clarification on the possible use of a cotton-rayon cord of more than 60 pounds (13.49 Newtons) breaking strength or a nylon cord of more than 100 pounds (22.48 Newtons) breaking strength for attachment of tagout devices to energy isolating devices for the purpose of complying with the tagout requirement at 1910.147(c)(5)(ii)(C)(1).

By 1910.147(c)(5)(ii)(C)(1), the employer is required to provide a means of tagout device attachment having the general design and basic characteristics of being at least equivalent to a one-piece, all environment-tolerant nylon cable tie. The Lockout/tagout standard uses performance language in imposing the above requirement. As such, an employer must be prepared to demonstrate equivalency to the OSHA Compliance Safety and Health Officer on inspection of his or her worksite.

In your letter you provided a sample tag with samples of the cords described above. The cords, alone, would not meet the following means of attachment requirements in 1910.147(c)(5)(ii)(C)(1). Tagout device attachment means shall be of a non-reversible type, self-locking and non-releasable with a minimum unlocking strength of no less than 50 pounds (11.14 Newtons). Neither the cords nor the tag appear to be all environment-tolerant, that is, if wet, neither would hold up. "

Also see:
    How should the tags be attached?
    OSHA 1910.147, OSHA & Federal Regulations