Yes.
The general procedure is described in the FAQs /t/967/1
The following works only if you have already filled the tags for track no and album.
Create an action of the type "Format tag field" for the field TITLE
Enter as Formatstring:
%album% $num(%track%,3)
Save the action.
Select all the files to be treated with the action, select the action and run it.
Done.