I suppose the PTC flavor of this is the old AutoBuildZ application. To use it, enable it with a config.pro option
autobuildz_enabled yes
It works from within the drawing mode; it lets you take a drawing and use its entities to automatically build sketches & features in a new part.
It works fairly well, but you will have to train up on it because, just like in Creo, a clunky interface that doesn't provide useful feedback is a killer for a self-learner.
To get started, see http://support.ptc.com/help//creo_hc/creo30_pma_hc/usascii/index.html#page/data_exchange/autobuildz/AutobuildZ_Overview.html
