No. Belly laughs usually go along with deep breathing and are quite relaxed, the voice is deep. During hysterical laughter, the voice gets higher and soon you will have trouble breathing, you're getting more and more tense.
"Belly laughs" to me, are those when you see something funny, or someone tells you a joke. "Hysterical laughter" is more fast-paced, like when someone hits that worst tickle spot, and you're alternating between laughing out loud and silent laughter.