Yes, but we recommend you contact a professional for the removal, a certain amount of care must be taken to avoid being stung.
Aerial nests (e.g. those on soffits, etc.) can be removed physically, but this requires a bee suit (yellow jackets can hurt you even with a bee suit on, I have seen them do it!) and veil and often a ladder for the brave of heart to do the job.
Ground nesting colonies are far more difficult to physically remove. However, a homemade devise attached to a shop vac hose and whose construction allows placement over the colony's ground entry hole for a period of time can suck up a huge number of workers into the attached cylinder which prevents escape (one way baffle from entry) when vac is turned off or entry into the shop vac canister at the other end.
Such a devise is described by Akre et. Al., 1973. Journ. Econ. Ent. Vol. 66, No. 3.
