As can be seen in following code, the desired anchor (south in this default case) is placed on label's position and, after that, the pin line is drawn from node's center to label's center:

\documentclass[tikz,border=2mm]{standalone}
\usetikzlibrary{positioning}
\begin{document}
\begin{tikzpicture}
\node [draw, pin={[draw]x}, pin={[draw, anchor=west, red]x}, pin={[draw, anchor=south east, blue]x}] {};
\end{tikzpicture}
\end{document}
Update:
Let's try again.
pin={[pin distance=1.2cm, draw, red]0:x},
will draw a label node at distance 1.2 cm from main node.0 anchor. The anchor for label's node will be west. This default anchor is decided according the labels position respect the main node.
pin={[pin distance=1.2cm, draw, blue]74:x}
this one will place default label's anchor (south west) at distance 1.2 cm following a 74 degrees line starting at main node .74 anchor. Once node is placed, pin line is drawn between nodes centers. This line won't follow the 74 degrees nor have 1.2 cm length.
pin={[name=pin, pin distance=1.2cm, draw, red, anchor=-37]74:\phantom{x}},
same than last one, but .-37 label node anchor is placed at 1.2 cm from main nodes .74 anchor.

\documentclass[tikz,border=2mm]{standalone}
\usetikzlibrary{positioning}
\begin{document}
\begin{tikzpicture}
\draw[help lines] (-1,-1) grid (4,2);
\node [draw,
pin={[pin distance=1.2cm, draw, red]0:x},
pin={[pin distance=1.2cm, draw, blue]74:x}] (a) {};
\draw[<->] (a.0)-- node[above]{1.2 cm} ++(0:1.2);
\draw[<->] (a.74)-- node[above]{1.2 cm} ++(74:1.2);
\begin{scope}[xshift = 3cm]
\node [draw,
pin={[name=pin, pin distance=1.2cm, draw, red, anchor=-37]74:\phantom{x}},
pin={[pin distance=1.2cm, draw, blue]74:x}] (a) {};
\draw[red] (pin.center)--(pin.-37);
\end{scope}
\end{tikzpicture}
\end{document}
pin position(orangle),pin distance, ... Where do you want it? – Ignasi Jul 12 '17 at 08:56above,above left, etc.) as well as an angle, say alpha, and apin distance. Then the specified label anchor is positioned a distance ofpin distancefrom the center of the node at an angle of alpha with respect to the node. Then the pin is drawn between the node's center and the label's center, which implies that the pin's length might end up being different topin distance. Am I correct so far? – Evan Aad Jul 12 '17 at 09:16labeloption and later on drawn the line as you want. – Ignasi Jul 12 '17 at 09:37inner sepcan be used. – Evan Aad Jul 12 '17 at 10:04