Of course it can. For starters, it's an Elite, and I think that Pio has had that ability in practically every Elite since at least the 43TX (almost anything that did 7.1 let you choose between the "7's" and bi-amp?)..
You can also check out all that info on the Pioneer website. You can download practically any of their manuals (you just have to register w/ your email addr) and do a search for bi-amp and you'll probably find a dozen references on exactly how to do it, etc. It works just fine, as long as you aren't needing/expecting 200W/ch bi-amp'd (which is kinda unrealistic, isn't it?).
Of course, this all assumed that you wanted to bi-amp w/ the amps within the receiver. If you want to do it w/ something external then that works, too.
I am sure that I won't get 220w per channel, but if I can bi-amp and get more than the 110w per that it comes with, and also use channels that I won't be using anytime soon, then why not?