Yes. Learn your distances with your set of clubs/ball combinations on flat surfaces and then yes, what everyone will agree is that generally ... elevation equals distance.
Since most elevations are given in feet (remember inches are negligible), you must remember to add one yard for every three feet uphill and subtract a yard for every three feet downhill.
You might consider rounding up for between ydges on uphill shots and rounding down for downhill shots.
One other tidbit - When hitting into severely uphill lies, the ball will not come down as steeply as on flat surfaces so you ALWAYS should use full backspin. A perfect example of this is the approach shot at NBR 2 at Bethpage.
Conversely, when hitting into severely downhill landing zones, be careful NOT to overdue draw spin because the ball might land close and then retreat several feet.