I'm pretty sure - yes. But unable to provide any reference at all. But the engines have a huge margin. I recall reading that the engines have been run at more than 150%, but as said no references.
My previous post however, is inaccurate while trying to paint a picture in layman's term.
The N1 reference bugs do come from tables in the FMC and that only. Think of it more like interaction between the FMC and EECs. Where however, it is absolutely clear to see the EECs at work is the thrust levers themselves.
EEC Normal mode
The full rated takeoff thrust for the installed engine is available at a thrust lever position less than the forward stop. Fixed or assumed temperature derated takeoff thrust ratings are set at thrust lever positions less than full rated takeoff. The maximum rated thrust is available at the forward stop.
I hope it was clear that in the first post that lever angles vs. thrust was for explanation simplistic purposes of flat rate. One benefit of the EEC is that the lever angles remains the same with different temperatures. Hence, e.g. full forward = max rated thrust without over boost (EECs working in normal mode).