So here's a spinoff question: how many people think that sempai means "someone senior to me" and kohai means "someone junior to me", and how many people think they mean...something else?
To answer your question: yes.
Reading my kanji dictionary, those are what are listed as the meaning...but, I can see where they might carry different connotations depending upon the situation.
I think basically they're terms meant to mark experience. One moment I may be the "authority," the next it may be someone else.
How would you answer it?