You'll see tracers ricochet, but not necessarily the same ricochet angles/etc that anybody else will see. RO2 tracers are just fluff graphical fx that have no actual gameplay effect, so I didn't deem it worth the extra overhead to make them synchronized across clients. The game also doesn't synch up the firing angle of other players' weapons all that accurately, so you won't see the tracers coming out from exactly the right position or at exactly the right angle, so you might sometimes see MG tracers appear to be firing directly into a hill or windowsill when the bullets are really clearing it.
For the actual bullet ricochets, however, you'll see the surface impacts exactly as the bounce dictated. It's done the same way as wall penetration.