Yes, the reference rail will show the links you reference within the components. The example below from my local instance :
- Opened a page named "/content/we-retail/us/en/experience/arctic-surfing-in-lofoten.html"
- Added an RTE component to the page and then a link to "/content/we-retail/ca/en/men.html" within the component.
- Go to references for "/content/we-retail/ca/en/men.html" and notice that incoming links will have the reference for "/content/we-retail/us/en/experience/arctic-surfing-in-lofoten.html"
