Yes that's exactly how I guessed it initially (works like the stick), but because my thumb rest on top of the wheel instead of in front of it it can get confusing. If you're looking at the display and you want the elevation tick mark to move up the display - away from you - you naturally want to roll the wheel away from you. Vise versa for moving it down. This is why I figured I'd better ask...I want to do it the way it's done.
In other trainers I've flown the EL wheel has always been on the front of the grip under the index finger, so wheel up/down corresponds directly to display/antenna up/down - pull up/push down. As the wheel goes it's the same motion, but because of where your finger is on the wheel it can alter your perception.
BTW - I've also noted after it was pointed out that the AOA bracket in the F-16 HUD is displayed backwards from the indexer...in a Navy HUD the top light on when the FPM is at at top of bracket, and the bottom light is on with the FPM at bottom of bracket. Really impacts technique for capturing on-speed between the two, but workable. F-16 presentation weights throttle handling, Navy presentation weights nose handling...which makes sense, given that attitude is more critical for catching the wire, now that I think harder about it.