You can use Create Display Group within Visualization module.
Example:
Item: Elements
Selection method: Pick from viewport (an then select the elements you want to hide)
Perform a Boolean on viewport...: Remove
Also you can save your display group for later use.
Actually I want the software to automatically make elements transparent. For example, I want to see all stresses in a certain range. Elements that are outside this range should become 'invisible'. Is that possible?