Nope. Magicka is magicka and spell dmg is spell dmg. Raising one does not influence the other.
IvanTheAZN wrote: »Increasing your Max Magicka will increase the individual damage values of your spells every 100 Magicka points IIRC, but will not affect your overall Spell Damage value on your character screen. You can see the changes in the description of your spells.