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You can create a dynamic attribute using any of the AFAttribute constuctor that accepts a PIPoint or configuration string and you will be able to get values for this dynamic attribute. But relative paths will not work because it does not exist within the hierarchy. You should be able to use absolute paths starting at the PISystem or AFDatabase.
If you want to use relative paths, then you will have to create the attribute on the element within the hierarchy and then call UndoCheckout when it is no longer needed.