The HTML5 spec has defined a solution to this question: If you are using HTML5, you can specify data attributes in your DOM.
See this page for more info: http://ejohn.org/blog/html-5-data-attributes/
This is now the standardised way of doing it, so I guess that it's considered best practice. Also John Resig, who wrote the blog I linked to above, is the author of JQuery, so if it's good enough for him, who am I to argue.
The really good news is that you don't even have to be using an HTML5-compatible browser for this technique to work - it already works in older browsers; it's just that now it's been encoded into the standard, and there's a defined way to do it.
That said, there's nothing wrong with a global variable in your Javascript as long as you avoid polluting the namespace too much, and it would be more efficient from a performance perspective, so there's plenty of merit in that approach as well.