Magical VS Physical DMG type is a YES
But Ice, Fire, lit, wind, poison, holy, death, etc is a NO.
Still, I don't know if you have some sort of rock paper relationship in your magic. But if you want to support an RPS relation with no damage type, the way you can do it is for example make a spell that protect yourself or nullify another type of magic.
Spell A (Water): Ice Shell: add 2 magical defence point to unit.
Spell B (Fire): Fire Blast: Make 5 damage, ignore all water magic defense spells.
This way, you indirectly have a multiple damage which raise the same stat and which enforce a rock paper scisor relationship and the relation is the same for all the spells in the game. So you don't end up which diffirent kind of damage type within each element and end up with a complex RPS relation.