We have obtained high signal-to-noise spectra along the major axes of 28 S0 galaxies in order to search for the presence of disk stars on retrograde orbits. Full line-of-sight velocity distributions were extracted from the data, and the velocity distributions were modelled as arising from the superposition of populations of stars on prograde and retrograde orbits. We find no new cases in which a significant fraction of disk stars lie on retrograde orbits; an identical analysis of NGC~4550 does reveal the previously-known counter-rotating stellar disk in this system. Upper limits determined for each object indicate that no more than about 5% of the observed disk star light could arise from counter-rotating stellar components. These results suggest that previously-discovered disk galaxies with counter-rotating stars are exceptional and that (at 95% confidence) at most 10% of S0 galaxies contain significant counter-rotating populations. The most likely value for the fraction of such S0 galaxies lies closer to 1%. This result contrasts with the prevalence of counter-rotating gas in these systems; combining our new observations with existing data, we find that 24+/-8% (1-sigma error) of the gas disks in S0 galaxies counter-rotate relative to their stellar components.