Yes, the same as between '...on the eve of...' and '... that had taken place on the eve of..."

Накануне праздника все вырядились клоунами - a simple fact about time (like 'yesterday' or date) of the event


На праздник, прошедший накануне рождества все вырядились клоунами - it is an indication that something in the past had taken place on the eve of something (usually, this is reflected with the Past Perfect tense) - something had taken place on the eve of something else.