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, yet their precise relationship is poorly understood. We interpret distance encodings as a low-rank surrogate of diffusion geometry and derive an explicit trilateration map that reconstructs truncated diffusion coordinates from transformed anchor distances and anchor spectral positions, with pointwise and Frobenius-gap guarantees on random regular graphs. On DrugBank molecular graphs using a shared GNP-based DDI prediction backbone, a distance-driven Nyström scheme closely recovers diffusion geometry, and both Laplacian and distance encodings substantially outperform a no-encoding baseline.