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Not directly in PE... but Robert came up with a way to burn to a virtual Blu-ray disc on your hard drive. That you can later burn. Here is the thread on Muvipix:
Currently there is no such way in PRE.
The maximum thing you can do is to archive the project and then later on burn it to Blue Ray.
You can create Blu-ray files in Premiere Elements 7 and probably 4.
Share > Personal Computer > MPEG > then chose one of the AVCHD or MPEG2 1080i presets. Nero 8 Vision will smart render the MPEG-2's if you burn to a Blu-ray disc. That means there won't be any decoding and recompressing. Nero won't smart render the AVCHD ones when burning a Blu-ray disc, but one of the Corel(ULead) projects will.
Otherwise you can burn to a Blu-ray virtual disc from Premiere Elements as Paul referenced. All the files will be there, you'll just need another program to burn the files onto an actual BD disc.