Yes this is possible. If it is not working then there is something else going on.
Just a thought, Google Analytics is usually about a day behind in reporting so when you make changes it will take some time before you know it is working. What I like to do is hit a page that does not get traffic very often to assure me that I have my tracking set up correctly.
Also, you might try making the link an absolute link in your <script tag. It might just be looking in the wrong place for the analytics code.