In a way, yes.
The fossils can determine the age of the specimen if one know what layer of earth it came from. If not, it takes a lot of time to figure out. If it is a layer closer to the center of earth it is (billions of years) older but if it is closer to the surface, the fossil is "younger" . If one doesn't know the layer age, and the fossil as already been discovered, you can figure out what it is, then find out what period it is from and found out from there.
:) hope this helps.
even though it is kind of a lousy explanation.