Of course. 
Basically, in its simplest form, you choose a Reaction which indicates ‘I think this deserves a badge’ which your members can use to nominate posts, and the query picks up which posts have picked up that Reaction. You can then either grant the badge manually from the list the query gives you, bulk grant if you fully trust the list, or even set up the badge’s custom SQL for the system to do it automagically. 
You can also apply some extra criteria to the query to make it more targeted. For instance, ‘a post needs x number of this Reaction’, or ‘only that Reaction given by TL2+ counts’
It also works with custom emojis as well if there wasn’t a current one that you thought was suitable.