Yes! The 'Exclusion Rules' feature in the 'Cappings and Exclusions' section of the campaign creation interface will allow you to do this.
Please follow these steps to set this up:
Open Campaigns and choose the campaign you want to configure
Go to Frequency Capping section by clicking on Edit Campaign → Cappings and exclusions.
Click on Add rule in the block called Exclusion Rules.
From the "Campaign" dropdown choose the campaign whose recipients are to be excluded. Recipients of this communication will not receive a message from the campaign you are currently configuring.
Then, define the time interval in which the other campaign messages would have been received.
For real time campaigns, the end time point is usually "now."
Click on Apply to save the capping.