No, that equation does not work in relativistic situations. To get the corresponding relativistic equation, take the equations for relativistic kinetic energy and momentum and eliminate v between them:
[tex]K = \frac{m_0 c^2}{\sqrt{1 - v^2 / c^2}} - m_0 c^2[/tex]
[tex]p = \frac{m_0 v}{\sqrt{1 - v^2 / c^2}}[/tex]
Or, you can take the relativistic relationship between total energy, mass and momentum:
[tex]E^2 = (pc)^2 + (m_0 c^2)^2[/tex]
substitute [itex]E = m_0 c^2 + K[/itex] (total energy equals rest energy plus kinetic energy), and solve for K.