Yes, in fact an up and coming discipline for this is called model based systems engineering - data driven, model based development of systems (including software systems). The main tool in this area is UML/SysML, but it looks like there is a Modelica-SysML transformation out there.

I would have liked to have seen an IT/network/software example on the SystemModeller examples page as this could be an interesting tool in that area.

Edit: just to point out, UML has been around for a while for this purpose, and SysML is an extension for development of systems in general not just software.