Yes! You can just right select all the components you want to make a subcircuit out of and right click » Replace by subcircuit...
You now have a subcircuit that is saved with your design. If you like having different files for your modules (I personally do), you can instead create the subcircuit in a different file, attach HB/SC connectors to the pins you want to send the signals outof/into, save the file and in your main circuit, right click » Place on schematic » Hierarchical block from file... this way, the module can be reused as many times as you like.
Cheers,
Miguel V
National Instruments
