The answer is "yes" so long as:
1) all switches between the switch where the "trace mac" command is run and the client are cisco.
2) all trunk ports between the two have CDP enabled
3) all switches can talk to the IP address advertised by its neighbor's CDP instance
3a) ...on UDP port 2228
The mac address tracing utility is a Cisco vendor specific feature. It sends a UDP packet to port 2228 of the advertised CDP peer address. The packet is similar to CDP minus any checksums and the type fields are 1 byte. It is fairly trivial to write a client such that mac tracing can be done by connected hosts that have established a CDP session with the switch, once you have a sample packet.