Molecular graph learning benefits from positional signals that capture both local neighborhoods and global topology. Two widely used families are spectral encodings derived from Laplacian or diffusion operators and anchor-based distance encodings built from shortest-path information, but the relationship between them is still not well understood. In this paper, we study when anchor-based distance encodings can approximate diffusion geometry. Under a random r-regular graph model, we derive an explicit trilateration map that reconstructs truncated diffusion coordinates from transformed anchor distances and anchor spectral positions, together with pointwise and Frobenius-gap guarantees. On DrugBank with a shared GNP-based DDI backbone, anchor-distance Nyström accurately recovers diffusion geometry, and both DE and LapPE outperform models without positional encodings, with LapPE showing slightly more consistent performance.