Yes. You can make an LC-MS or make a fractination by preparative LC and study/test each fraction using a specific tests of activity. The "activ" fractions fractions can be further separated and their compounds identified by MS.
Your question suggests you are unaware of the classical approaches for finding active components in a complex mixture. The first step is set up an assay for the active component. Next, do a series of chemically gentle fractionations on extracts of the unknown mushroom. Use the assay to track the location of the unknown active ingredient in aliquots of the seperation eluents. If a separation technique seems to 'kill' the activity, recombine the aliquots to see if the activity is regained. If it is, there are more than one compound involved to cause the activity. Usually, depending on the nature of the matrix and the active ingredient(s), a series of chromatographic steps after a solvent extraction or precipitation step will simplify the mixture enough for instrument augmented separation and identification steps.