An important field of blood oxygen level dependent (BOLD) functional magnetic resonance imaging (fMRI) is the investigation of effective connectivity, that is, the actions that a given set of regions exert on one another. We recently proposed a data-driven method based on the partial correlation matrix that could provide some insight regarding the pattern of functional interaction between brain regions as represented by structural equation modeling (SEM). So far, the efficiency of this approach was mostly based on empirical evidence. In this paper, we provide theoretical fundaments explaining why and in what measure structural equation modeling and partial correlations are related. This gives better insight regarding what parts of SEM can be retrieved by partial correlation analysis and what remains inaccessible. We illustrate the different results with real data.