Absolutely. It is an accurate way to date specific geologic events. This is an enormous branch of geochemistry called Geochronology. There are many radiometric clocks and when applied to appropriate materials, the dating can be very accurate.

Why is absolute dating useful?

Absolute dating methods determine how much time has passed since rocks formed by measuring the radioactive decay of isotopes or the effects of radiation on the crystal structure of minerals. Paleomagnetism measures the ancient orientation of the Earths magnetic field to help determine the age of rocks.

Is scientific dating accurate?

These techniques are accurate only for material ranging from a few thousand to 500,000 years old — some researchers argue the accuracy diminishes significantly after 100,000 years.