By which I mean reflecting moves like Leech Seed, Stealth Rock, etc.
Yes. Magic Bounce is just Magic Coat as an ability. Bounce is more reliable since you don't have to predict anything, but the opponent knows it's there, so most of the time, you just have to switch in. With Magic Coat, you can use it with very little suspicion from your opponent, but it takes good prediction and timing.
http://bulbapedia.bulbagarden.net/wiki/Magic_Coat_(move)
