I have a bronze star that I received for "meritorious service".
The V device is for valor. You are corerect.
3. Criteria: a. The Bronze Star Medal is awarded to any person who, while serving in any capacity in or with the military of the United States after 6 December 1941, distinguished himself or herself by heroic or meritorious achievement or service, not involving participation in aerial flight, while engaged in an action against an enemy of the United States; while engaged in military operations involving conflict with an opposing foreign force; or while serving with friendly foreign forces engaged in an armed conflict against an opposing armed force in which the United States is not a belligerent party.
b. Awards may be made for acts of heroism, performed under circumstances described above, which are of lesser degree than required for the award of the Silver Star.
c. Awards may be made to recognize single acts of merit or meritorious service. The required achievement or service while of lesser degree than that required for the award of the Legion of Merit must nevertheless have been meritorious and accomplished with distinction.
http://www.tioh.hqda.pentagon.mil/Awards/BRONZE%20STAR1.html