Here's a scenario to illustrate...
Lets say that timer.h provides a macro tick_count() that returns the number of timer interrupts that occured.
One module (rpm_reader.h) using timer A for interval timing:
#define _TIMERA
#include "timer.h"
#undef _TIMERA
In another module (lap_time.h) is using timer C for its interval timing
#define _TIMERC
#include "timer.h"
#undef _TIMERC
The rpm_reader would return the tick count from timer A when it called tick_count() and lap_time would get its count from timer C.
(My apologies for answering my own question, but asking the question helped me come to this revelation.)