Not out of the box as far as I know. There used to be something like multi level cascade select e.g. https://marketplace.atlassian.com/plugins/com.sourcesense.jira.plugin.cascadingselect
I've spent some time searching for similar solution about a year ago and could not find anything that would be as good as the TFS one.
Thanks Andrzej. That looks like it could do the trick. For anyone who is looking at using this plugin, the one on the marketplace is an old version that doesn't work with JIRA v5 or above, however the developers have put a newer version here: http://sourcesense.github.io/jira-multi-level-cascade-select/index.html
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