Yes it's called post processing
"If your dashboard contains panels that run similar searches, you can save search resources by creating a base search for the dashboard. Panels in the dashboard can use a post-process search to further modify the results of a base search. The base search can be a global search for the dashboard or any other search within the dashboard."
http://docs.splunk.com/Documentation/Splunk/6.2.5/Viz/Savedsearches#Post-process_searches
Yes it's called post processing
"If your dashboard contains panels that run similar searches, you can save search resources by creating a base search for the dashboard. Panels in the dashboard can use a post-process search to further modify the results of a base search. The base search can be a global search for the dashboard or any other search within the dashboard."
http://docs.splunk.com/Documentation/Splunk/6.2.5/Viz/Savedsearches#Post-process_searches