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It would depend on the species of ducks and pheasants. Housing in adjacent avaries shouldn't be a problem for most species. Some pheasants do not do very well in wet conditions - others seem to enjoy it.
Some the eastern Lophura species do very well with waterfowl: Edward's, Silver, Swinhoe, etc. I've observed each of these actually wading in pools and also enjoy misting and a sprinkler. The western pheasants like Monals, Eared, and Koklass prefer drier conditions. I currently keep Swinhoe with a variety of wild waterfowl species and have for a number of years with no problems.
Now you also have to make sure your aviaries are large enough to accommodate both types of birds. Tight and barren spots will certainly lead to problems. Some waterfowl species can be aggressive towards their cage mates, so be wary, study, read, and ask questions before purchasing.
I wouldn't house any pheasants with the large domestic breeds of ducks.
Dan