Yes, this will work. What you will have to do is set up a relate in ArcMap. However, you need to have matching records in the feature class that match that of the DBF table. For example, a parcel ID number. The field names do not have to be the same, but the values do.
You can create the relate by right-clicking on the feature class in ArcMap > Joins and Relate > Relate. After the relate is created, save the map document and then publish it to ArcGIS Server. As the DBF table is updated with the application, the service will automatically reflect these changes.
Note: this relationship is only maintained in this map document. If you add the feature class to another map document, you will have to recreate the relate.