Yes, but the Excel file has to be in a specific format.  To use this feature, download and examine two files:
https://steelray.com/template/SteelrayForExcel.xlt - This is an Excel template file that has a template on the first tab and instructions on the second tab.
https://steelray.com/template/SteelrayForExcel.xlsx - This is a very simple example of what your Excel file should look like.