Doesn't look like it, appears to try to archive the target.
8.RAM Disk:> makelink ?
LINK=FROM/A,FILE=DIR=DIRECTORY=TO/A,SOFT/S,HARD/S,FORCE/S: ram:usb-log t:usb.log
8.RAM Disk:> lha a ram:test.lha usb-log
LhA Freeware Version 2.15 AOS4
Copyright (c) 1991-94 by Stefan Boberg.
Copyright (c) 1998,1999 by Jim Cooper and David Tritscher.
Copyright (c) 2004-2011 by Sven Ottemann.
Creating new archive 'ram:test.lha':
*** LhA: Unable to open file `usb.log' for reading.
No files added, 1 file failed.
Operation not entirely successful.