Yes, if you update the latest camera raw (ACR) plug-in via Help / Updates in the PSE Editor.
What OS does your computer have, because the ACR 8.4 updater only works on newer OSes.
Thanks for responding!
Do you have PSE12 or a D610, already?
ACR 8.3 is required for D610 support.
On Windows, ACR 8.4 will only work with Win 7 and above, not Vista, but I believe the Help / Updates in PSE12’s Editor will still allow you to update to ACR 8.3.
I just got my D610. I'll upgrade from PSE11 and LR3 at some point sat the DNG converter is cumbersome, to say the least.
You may also want to update your OS, to at least Windows 7.
The very latest Windows 8.1 Update 1 makes Windows 8 more like Windows 7, or at least you can configure things to act more that way.
ACR 8.4 and Lightroom 5.4 aren’t supposed to work on Vista.
If you have a 32-bit computer, you might want to even get a new 64-bit computer, because the newer versions need more RAM, especially for larger raw files.