Is the word direção the same in Brazilian and European Portuguese?

No.

While the core meanings of "direção" (path, steering, guidance, or management) are identical in both dialects, there is a difference in typical usage regarding corporate or organizational leadership. In Brazil, when referring to a "Board of Directors" or a group of executives, the word diretoria is much more common, whereas in Portugal, direção is the standard term.

Additionally, there are significant differences in pronunciation: Brazilian Portuguese is syllable-timed with relatively open vowels, while Continental Portuguese is stress-timed and features heavy vowel reduction (where unstressed vowels, like the "e" in "direção," become nearly silent or very closed). There are also minor differences in surrounding vocabulary and spelling (e.g., quilômetros in Brazil vs. quilómetros in Portugal).

Brazilian Portuguese

1. Siga nesta direção por dois quilômetros. (Follow this direction for two kilometers.)
2. A direção do meu carro está muito dura. (My car's steering is very stiff.)
3. Ele está sem direção na vida. (He is without direction in life.)
4. A direção da escola comunicou a mudança. (The school's management communicated the change.)
5. A diretoria da empresa aprovou o novo plano. (The company's board of directors approved the new plan.)

Portuguese (Portugal)

1. Siga nesta direção por dois quilómetros. (Follow this direction for two kilometers.)
2. A direção do meu carro está muito pesada. (My car's steering is very heavy.)
3. Ele está sem rumo na vida. (He is without direction/course in life.)
4. A direção da escola comunicou a alteração. (The school's management announced the change.)
5. A direção da empresa aprovou o novo plano. (The company's management/board approved the new plan.)