Absolutely. It is an accurate way to date specific geologic events. This is an enormous branch of geochemistry called Geochronology. There are many radiometric clocks and when applied to appropriate materials, the dating can be very accurate.

Is radiometric dating useful?

By establishing geological timescales, radiometric dating provides a significant source of information about the ages of fossils and rates of evolutionary change, and it is also used to date archaeological materials, including ancient artifacts.