Yes, absolutely. You want to use win32com
module, which is part of pywin32 (get it here).
I’ve found you can really simplify Python integration by writing a macro in VBA for Python to use, and then just have Python call the macro. It will look something like this:
from win32com.client import Dispatch as comDispatch
xl = comDispatch('Excel.Application')
xl.Workbooks.Open("Macros.xls", False, True)
xl.Run("Macros.xls!Macro_1")
I’m sure there are plently of examples on SO… Like this one.