In this case, the comparison is more about the use of balls than it being an actual Fleetwood Mac parody, but the Steel Panther is an obvious throwback to heavy metal albums of the 1980’s, complete with ringwear and a price tag on the upper left of the cover. However, its shiny balls are what stand out and bring to mind the classic 1977 Fleetwood Mac LP, where drummer/band co-founder Mick Fleetwood wears an outfit that makes use of something dangling.
As for actual album cover homage, you can look at these two:
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This Is Book's Music 