Yes, versus (abbr. vs.) is used in Portuguese, with the same meaning as in English, against, in opposition to, in contrast with (i.e., not in its etymological sense). Here are some examples taken from CETEMPúblico:
PT: Depois do episódio BCP «versus» BPA, agora é a vez de a Caixa Geral de Depósitos vir a público dizer que vai lançar uma Opa sobre o banco espanhol Simeon.
EN: After the episode BCP [bank] versus BPA [bank], now it's Caixa Geral de Depósitos' [bank] turn to publicly announce a takeover bid over the Spanish bank Simeon. [in 1994, BCP launched a takeover bid over BPA]
PT: Rumores postos a circular em Nova Iorque sobre um possível afastamento do Ministro das Finanças do Japão Hashimoto face aos últimos escandâlos financeiros verificados em Tokyo tiveram alguma influência no comportamento do ien versus dólar e marco.
EN: Rumors in New York about a possible removal of the Japanese Finance Minister Hashimoto given the latest financial scandals in Tokyo had some influence on the behavior of the Ien versus the Dollar and Mark.
I disagree with Dan Getz when he says that x will generally be used instead of vs. in the case of sports games. That may be true if you're showing a table with a list of games, but people don't write (let alone say) o jogo Sporting x Benfica (the game Sporting vs. Benfica). Versus is not used either; they write o (jogo) Sporting-Benfica.