Yes, %INC contains the full path a module was loaded from.
Example:
$ perl -M'Data::Dump qw(pp)' -e 'pp(\%INC)'
{
"Data/Dump.pm" => "/usr/share/perl5/Data/Dump.pm",
"Exporter.pm" => "/usr/share/perl/5.10/Exporter.pm",
"List/Util.pm" => "/usr/lib/perl/5.10/List/Util.pm",
"Scalar/Util.pm" => "/usr/lib/perl/5.10/Scalar/Util.pm",
"XSLoader.pm" => "/usr/lib/perl/5.10/XSLoader.pm",
"overload.pm" => "/usr/share/perl/5.10/overload.pm",
"strict.pm" => "/usr/share/perl/5.10/strict.pm",
"vars.pm" => "/usr/share/perl/5.10/vars.pm",
"warnings.pm" => "/usr/share/perl/5.10/warnings.pm",
"warnings/register.pm" => "/usr/share/perl/5.10/warnings/register.pm",
}