Yes. This done via config|acacia (http://config.plethra.com). The S/PDIF output should automatically show up next to the computer as shown here. You can then press the green '+' icon in the output to create a zone for it, give it a name, and assign it a custom icon.
If the output isn't showing up (or is greyed out) in config|acacia, it could be that the output is disabled within the Windows Sound Control Panel. It must be enable in the Control Panel in order for audio|acacia to be able to use it.