Yes. When you get close to the character limit of the first message (140 characters for most people), a counter will show up and display ( 1 / 30 ). This is saying you have 30 characters left in the first SMS message.
Some carriers do have different size limits. Pulse SMS reads this size limit directly off what the phone provides to it. The character counter will remain active to show you the number of SMS that the text will have.
After you reach so many individual SMS messages (3 by default), Pulse SMS will convert the messages to MMS. In Settings > MMS Configuration > Convert to MMS, you can tell the app when you want to make this conversion, or you can disable it completely.