Yup. According to Wiki and other sources ...
"Like so many elements from the musical movie, the Ruby Slippers were an invention of the production. In Baum's book Dorothy has Silver Shoes, but it was decided by MGM that red would be much more exciting in Technicolor, and so the Ruby Slippers were born. In 1985 Disney released Return to Oz, and while that movie was an amalgamam of Oz book sequels (and featured character designs directly lifted from the Oz book illustrations, as opposed to The Wizard of Oz, which created mostly new designs), director Walter Murch wanted to use the famous Ruby Slippers. Disney paid through the nose to license the image from MGM."