Hello
Yes...but please note that for simply linking an Item to a PS project this is not required and by simply having linked your logical system and destination into the relevant object type (e.g. ORPMFIPRIJECT) you will have the ability to link to a PS project for example. The WEB alias in the context of object links provides the ability to open transactions in PS for example directly from the Item.
I am sure there are other applications for the WEB alias as well
Regards
C