Yes, baking soda can be used to neutralize ferric chloride. Although during the process of etching whether a steel Damascus or a pan, it is often suggested that you make use of Trisodium phosphate to neutralize ferric chloride.
However, in the absence of this inorganic compound, you can make use of baking soda. This is because ferric chloride is a salt, and the best way to neutralize the salt is with a base, not an acid. This is where baking soda comes into the equation, it is a base, making it a perfect alternative.