The short answer to this question is yes.
The long answer requires more information. The PID object can control signals to other objects.
It sounds like you are already using FieldPoint for measurement. You can also use it for control. The question is: what kind of signal does the valve require? 4-20mA? PWM? 0-5V? Depending on the signal that is required and the appropriate module, the PID object can be used to control the data value to that FieldPoint module, thus controlling your valve.
If you have additional questions on this subject, please visit www.ni.com/ask for priority access to National Instruments Applications Engineers.
Regards,
Chad Pelletier
Applications Engineer
National Instruments
www.ni.com/ask