We have a system with many components, which all get released individually as improvements are made. Since versions are not available for components, what we've done is created an issue type called "Release". These release issues track the release through the release process. In addition, we link all of the issues which are included in the release to the "Release" issue.
I would love to hear how others deal with using Jira on large long lasting projects/products which have many components which are on a flexible release schedule. i.e. we release a component when it's complete. There is no "master" version.
On one hand, I like how we can track our releases via Jira. See where they are in the release process, etc, and I like that we can see exactly what is in a release for any of our components. The downside is that it feels like we kludged something together to work around limitations in Jira.