Yep. The actual code in liquidCrystal looks slightly different but the logic is exactly as skumlerud points out.
void LiquidCrystal::setCursor(int col, int row)
{
int row_offsets[] = { 0x00, 0x40, 0x14, 0x54 };
command(0x80 | (col + row_offsets[row]));
}