Yes, absolutely! You can dress up the 'formality' side of things with careful consideration of accessories - I wear suiting-style dresses to work with closed-toe pumps and structured neat handbags. I will sometimes wear a jacket or trench over them to the office.
I live in dresses in summer, I loved watching Anna Wintour in The September Issue in all her dresses and neat skirts - obviously most of us don't work at Vogue, or even in fashion, but it's still a great source of inspiration for those of us trying to combine femininity AND professionalism in the workplace IMO.