Pretty much sharp and relatively hard enough object will throw a spark from a ferro rod (aka ferrocium rod, metal match, mish-metal). Could be stainless steel, high carbon steel, your keys, a sharp rock, etc.
What you are probably refering to is the ability of the knife to throw a spark. In the case of the flint/steel method, a sharp rock (flint or chert) is used to flake off a piece of steel from the knife in the form of the spark. In this case, stainless steel is too hard and it will not work. High carbon steel works well for the "mountain man" method of making fire. Note the spark from this method is very weak compared to using a ferro rod. See here...
So to recap, when using a ferro rod, the spark is coming off the rod and is rather strong and any steel with a sharp edge should work; whereas in the flint/steel method, the (weak) spark is coming off the knife steel so the steel must be of high carbon, not stainless.