Yup
The way I do it, is as follows:
1. Practice until you achieve what you think is your best lap, and write that down;
2. Sim a qualifying session and see what times the AI does vs yours;
3. Open TeamEditor 3.0 and load your performance file;
4. Go to Drivers -> Show Performance Calculator -> Change 'Ability' for 'Both' by ____;
5. If you were too fast vs AI, put a positive value to make the AI faster, negative for slower AI (As a guide, 100 is about 0.120 seconds a lap);
6. Sim another qualifying session, and repeat until the AI are doing the times you want them to
Good luck!
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"Anything can happen in Grand Prix racing, and it usually does."
"The lead car is unique, except for the one behind it which is identical."