From Dark and Darker Wiki
Yes. Smite has 100% Scaling from Added Magic Damage and Magic Power. So it will be (10 base dmg + Weapon's Magic Dmg) x 1+Magic Power% + Additional Magic Dmg + True Magic Dmg. Magic Power comes from Will and Magic Power Bonus stats and those affect the % increase of all your magic dmg. Additional Magic damage is added to spell. Weapon Magic Damage is the stat you see on staffs, orbs and spell books. Additional magic dmg is a stat that can be found on all types of gear. True Magic Dmg pierces magic resistance.