Yes! You have 2 options; Podcast Channels and Podcast Categories. Without further details, I would think the Podcast Categories feature would be ideal for your situation. You can activate either or both features by going to PowerPress > Settings tab, and near the bottom under the section 'Advanced Options' place a check next to the feature(s) you want to use. Then the new features are available in the left 'PowerPress' sub menu.
Channels are ideal if you want to distribute different media formats with the same episodes (blog posts), e.g. audio mp3 and a video mp4 with every episode/blog post. Categories are ideal if you want to organize the episodes (blog posts) into separate groupings, e.g. series of episodes about wood working with oak separated from the series of episodes about wood working with pine.