Yes, it should work just fine. Liquibase needs a single changelog file to point to, but from that changelog file you can <include> other changelogs by their classpath-relative paths.
So if you have module-specific changelogs in com/example/module1/changelog.xml and com/example/module2/changelog.xml which are stored in their own modules, you can have a root changelog with
<include path="com/example/module1.changelog.xml/>
<include path="com/example/module2.changelog.xml/>
and they module files will be found just fine.
Nathan