Yes.

A server or device can be in an unlimited number of Monitoring Groups. And you can define Monitoring Groups to help organize your monitoring. For example, a production SQL Server machine located on Wall Street in lower Manhattan could be in the following Monitoring Groups:

• MG_NYC
• MG_SQL_SERVER
• MG_PRODUCTION

The first one is by geographic location – all machines in New York City; the second is by application – all SQL Server machines; the third is by production – all production servers, regardless of geographic location or application.