Do you mean a link to a relative path (as opposted to a <link rel=... element)? I think it should be possible to use the url to page/external address property type, but I wouldn't use it for anything other than static files. If you link to pages or files in the VPP I would not recommend using that property type (or even to try to make relative links for that matter)

I have a text(property type string(<=255)), i need to assign a path from the structure so that user could select using link properties option.

Thanks

Why not just use the page property?