No it is not currently possible to do this. A proof of concept was delivered many years ago, supplying initial location data as metadata (using external tooling to access the information). The metadata project was split into multiple deliverables, and this is the third - the second (dynamic metadata) is soon to be delivered. This third item is awaiting prioritisation. Please contact the Product Management team, providing information on the customer and usecase - this should help in prioritising this work.
Note that an alternative is that if the customer only wants to position static content e.g. labels relative to an item, that we identify a mechanism to position content relative to other content. For information such as labelling moving parts (perhaps being subject to animation sequences created in creo illustrate) etc., this technically may be easier to do than to provide real-time update of the location which gets very expensive/complex when there are potentially hundreds or thousands of items moving at 30/60 fps. Hierarchical location wouldn't be difficult to do - tml already has the notion of 'parent' items, it just isn't used for labels.
This is why it isvery important to detail the usecase and explain to Product Management.
