I'm not sure I understand your question. When you trying to point to the PI Point Data reference you have the option of setting it as relative or absolute? I imagine you're looking at templates in the library for PSE, is that correct? If that is the case, then it depends on whether or not you want all elements based on that template to point to the same tag. Almost always the answer is no, you want each individual element to write to a different tag.
Perhaps a screenshot of the prompt you're looking at might be of some help in understanding your question.
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I believe you are referring to these two options while creating your analysis:
Relative path will provide only the name of the attribute where as the absolute path will provide the element path (excluding server and database name). You can use either for attributes on the target element.
Hope this helps,