Yes, in some cases, only when "de" represents possession. For example:
- A cor da camisa = The color of the shirt
As the shirt 'possesses' the color, "da" = of the.
- Eu gosto da camisa = I like the shirt
As the preposition "de" doesn't indicate possession, da ≠ of the. In this case, "de" is used because of the verb "gostar".