First of all welcome to OSIsoft vCampus! =)
As for the answer to your query. Yes it is possible to do that if you are linking to the PI Server with the PI OLEDB Classic Providers. The classic provider provides read and write access to the PI Server, so you can perform tasks like creating tags and inserting data.
If you refer to the sample queries provided with PI OLEDB Tester or PI SQL Commander (test clients for our OLEDB providers), Both comes with samples of how to read tag configuration, create tags, reading archived data from a server, and inserting data into a server. So with these queries, you can basically copy or replicate data from a PI Server to another.
Just FYI, we have another OLEDB provider, PI OLEDB Enterprise that exposes PI AF content in relational format, and it wouldn't allow you to do the above tasks.