Yep it will unless you add some kind of query string at the end to make each link unique
I've done this with clients before who are linking to a Webinar sign up, for example, and they want to track who clicked on the header image vs. text link vs. Register button.
Say your link is www.webinar.com/register?event=123345565432 and you want to track that link in an email in a few different places. In order for each of those links to show up in your reports you'd need to add a unique value at the end. So, using my example above, you might end up with:
www.webinar.com/register?eid=123345565432&click=header
www.webinar.com/register?event=123345565432&click=text
www.webinar.com/register?event=123345565432&click=button
Hope that helps Jamie