The absolute answer depends on the wheel (and the cassette size), but the derailleur will always be closer to the spokes with a Campy/Shimano conversion cassette - sometimes too close, depending on the brand of hub.
Campagnolo cassettes are wider than Shimano cassettes. Consequently, Campagnolo (and Campagnolo compatible) wheels are built with more dish - the drive side spokes are more inboard to make room for the wider cassette. Since Shimano cassettes are narrower, wheels with Shimano compatible hubs frequently use hubs with flanges slightly more outboard, to reduce dish.
A Campagnolo/Shimano conversion cassette is designed to have Shimano splines, but Campagnolo spacing, so it is wider than a Shimano cassette. Fitting this wider cassette onto the space where a Shimano cassette is intended to be sometimes takes a shoe horn - the result is that there is often less clearance between the derailleur and spokes. In some instances, the derailleur becomes too close, and some wheels are not compatible with C/S conversion cassettes at all.