Email bounce back protocol and who receives it?

What is the determining factor in where the bounce back email is sent? If the sender and the reply-to field are different which email gets the bounce back message?

Currently our system sends out emails and spoofs the "From" field with a non-existent no-reply account. We have a requirement where we want to start monitoring bounce backs. So as long as a I put a real email address in the "From" field, will that be the email address that receives the bounce back?