Yes, you can load a SWF the same way you would load a Bitmap.
var loader = new Loader();
loader.contentLoaderInfo.addEventListener(Event.COMPLETE, onSwfLoad);
loader.load(URLRequest("path/file.swf"));
...
function onSwfLoad(e:Event):Void {
addChild(cast e.target.content);
}
More info here: Load External Swf Library