Yes, but there is two spells reflected (incinerate and chaos bolt). It's a weird that incinerate hit for 49k and chaos bolt 57k, they are never so close in damage (especially with dmg procs).
So, maybe spell reflection should reflects a full damage of spells, except chaos bolt? I found a videos with shadowburn reflect and seems like it's 1 to 1 damage or close to that.
(5.0.5 patch, ~129k shadowburn)
And another one:
(5.4.x patch, probably prideful gear)
As we see there in combat log, reflected shadowburn hit for ~200k.