This is a very good idea as it sometime can be very hard to maintain a consistent terminology in a project, especially when there are several translators working on it.
As for how it could be done, as I seen it the ideal way would be that each project had a terminology list in English that then could be translated to the different languages. And then be just as a kind of glossary when translating.
And what would be really nice is if the software automatically could detect words from the glossary, and show it together with the translation in the translation window.
Automatically listing glossary items in translation pages would require a complete list of grammar forms of each glossary item of the source language. We start with English, but there are translators using translations other than English as their source languages.
The software could just use the English text to find what words from the glossary are in the text, and then show them in every language the user desire.