Yes and there is more than one way to do so. It does require defining a remote data source that refers to the table in the remote database.
Go to Manage | Database | relationships.
Click the button on the bottom fart left to add a new table occurrence. Use the Add FileMaker Data Source option to select a table from the remote database.
Now, this local table can be used for look ups just as though it were a table in your local file.