Replace Text – Before or after Shortcode?

Hey Folks –

Does anyone know if this replacement is run before or after shortcodes are executed?

Specifically could I use it to hydrate some dynamic parameters into a shortcode?

i.e.:

[my_shortcode foo=”||dynamically_replace_this||”]

Could I trigger a replacement of:

||dynamically_replace_this||

to

bar

Does that make any sense?

Thank you!
Ruu