It's not possible, all that does is look in local folder for a file with a matching name as the model (part or assembly).
I asked this question before and here is the thread on that. Linking Multiple Drawings to Single Model
Sorry, no, but you can do it in reverse. The references to parts or assemblies used in a drawing are stored in the drawing file, not the parts or assemblies... and the references are absolute, which means you are able to open referenced components from an open drawing from a different folder, provided it is stored on the same drive.