Yes, it lets you set a location and have ships from various planets pre-set to go there as they are built. You can set various types of rally points so that ships will automatically form into fleets on arrival, wander off and attack nearby enemies, or just sit and await orders.

There is a tutorial video accessible from the Tutorials button on the main menu, which should explain all about them. If you watch it you should be able to get the general idea (the actual video showing where to click, etc, is more important than the words anyway).