Wikipediaでも、ワセリンは毛玉除去に使われていると書かれており、黄色ワセリンは単に精製のレベルだけの違いだそうです。
http://en.wikipedia.org/wiki/Petroleum_jelly
It is colorless, or of a pale yellow color (when not highly distilled), translucent, and devoid of taste and smell when pure. It does not oxidize on exposure to the air and is not readily acted on by chemical reagents. It is insoluble in water.