No, you cannot create links between specific words in notes the way you’re describing. You could create pseudo-block references for a workaround, however:
What you’re describing is likely technically impossible (or may as well be) in a markdown-based app. The files you’re working with are plain text, so there’s no way to add and detect metadata on a specific word without adding plaintext unique identifiers next to it, or something, which would get quite tedious and ugly.