Ultimate standings are a win-loss record. Games are played to a target score — usually 15 or 13 — with a time cap that can end a game early, so games almost always have a winner.
Point differential (points scored minus points allowed) is the main tiebreaker. Because a game to 15 can only be won by so much, differentials stay tighter than in sports with open-ended scoring.
Many leagues also keep Spirit of the Game scores, since ultimate is self-officiated. After each game, teams rate their opponent on rules knowledge, fouls and body contact, fair-mindedness, attitude and communication, each from 0 to 4 on the WFDF spirit score sheet, for a total out of 20. The spirit standings are separate from the competitive ones, and many leagues give an award for them.