Can I use one ground as a reference for multiple inputs?

I'm not sure if I am describing my question properly; this is my first attempt at using an arduino (and microcontrollers in general).

I'd like to tap into the existing single signal wire that goes to my gauges, and have the arduino save the values to an sd card. Later on, I'd like to move to displaying the values on an LCD and removing my analog gauges. I hope this crude picture can help. If I have multiple sources to read, and some are the same ohm range, what is a "best practice" for reading the values? Comparing each against a separate known value resistor, or all against one known value resistor?

I am mainly a welder/fabricator, so this is all pretty new to me.