IP Hash Load Balancing is supported for any IP connection with multiple initiators and multiple targets. IP Hash chooses a physical NIC uplink based on a hash of the source and destination IP addresses for each packet. If a single IP address pair exists for the source and destination of all traffic, the traffic will only utilize a single physical uplink. Failover functionality between multiple physical NIC uplinks will still be available.
For more information on determining which physical NIC uplink is selected, see Troubleshooting IP-Hash outbound NIC selection (1007371).
For Software iSCSI, it is preferred to use native SCSI MPIO instead of network link aggregation. For more information, see the Configuring iSCSI Initiators and Storage in the vSphere iSCSI SAN Configuration Guide.