To your disappointment, I don’t think you are going to get what you are after, Blender only seems to be able to orient facing direction of bone “up” direction… So there is no comparable joint orientation tool like in Maya. You can align bones like mentioned above.
So, Y-axis (green handle of gizmo) is always pointing along bone length, as bone is tied together with joint, which works like in 3DS Max, where joint is not separate entity - linked to other joint by bone, that merely marks connection.
So as this is not the case here, aligning bone axis will do what I mentioned above, you can align it, but only X and Z planes will be affected AFAIK.
This is problematic, especially for importing data… For example, try importing FBX data and you’ll see nice vertically (or any other main axis-direction) aligned bones all over hierarchy… I hope I’m wrong - somebody correct me.