I have never heard of this. Are you not thinking of using oil? That is fairly common. Many hydraulic fluids are water based and might be able to absorb water, and therefore not a very good anti-rust.
In my opinion, forget the oil under the car trick. Instead, use rustoleum or similar treatment. It is what they are built for and they work great for it. Oil has to bee reapplied often, usually several times a winter season if you are doing a good wash down after salting.
Rustoleum is a paint and stays there.