Yes you can! Check out Managing Divisions, Price Points And Registration Limits.
You can configure your event to stop accepting registrations after it hits your set limit.
Once the overall limit is hit, the "Register" button will change to "Sold Out"
If you are hosting a mixed event of Individuals and Teams, you can set a limit for both formats. If one event is sold out and the other is not, the "Sold Out" will be presented on the registration page.
If you set a registration limit for each division, once a division has reached its limit, the user will be notified if they attempt to register for that division.