Yes it is. Depending on your version of MicroStation you can copy and paste a spreadsheet with links. Look on the Bently website, I found information there that will help you get-r-done.
I am familiar with pasting a complete spreadsheet into Microstation by using the Axiom application. But after doing that or before, I would like to link a specific cell (A24 for example) to print the text in that cell on the drawing in a specific location.
Seeker2 - Did you get it figured out? Looking in V8i help really quickly I found this: "Using OLE Container"
Take a look at "Using OLE Container" it walks you through the process.