Depending upon the decision, yes. I would never, for instance, encourage a child to respect his/her parent's decision to lock him/her in the closet for breaking a plate, or encourage the parent to respect his/her child's decision to become an under-aged prostitute.
The job of being a parent does require occasionally coercing your children--if you don't force your kids to go to the doctor, or do their homework, you are a bad parent.. At the same time, particularly as their children age, the parents should make an effort to include them in the decision-making process, and, when the occasion necessitates coercion, explain why the child needs to/should perform a certain action. As much as possible, parents should also take their children's interests into account. As a young child, the after-school activities that you participate in are likely a reflection of the activities that your parents think you should participate in. When dealing with an older child, however, mom or dad shouldn't be pushing for ballet when all that the kid wants to do is play soccer.
It's also important to note here the difficulty inherent in respecting decisions with which you disagree, particularly when those decisions are made by people that you love. People make decisions based upon their values, and when those values are directly antithetical to what someone else believes, that other person is going to have trouble respecting any decisions that result from those values. Children, despite all of the protestations to the contrary, are not carbon copies of their parents, and may grow up to have different fundamental values than their parents. That kind of situation is difficult, and sometimes impossible, to mitigate--an evangelical Christian is likely never going to respect their child's decision to become an atheist or a Muslim, because doing so is antithetical to that evangelical Christian's beliefs. Respect is also not synonymous with support.