Visual Studio Team System/Explorer equivalent to svn:external

Question

Does anybody know if the Visual Studio Team System/Explorer has a way of doing the equivalent of SVN's svn:external? I don't need it to reference a location outside of the Team Project, just locally in the project.

Given the following example source code directory structure:

    \root
        \tags
            \ModuleA
                \rel_20090123
                \rel_20090801
            ...
        \development
            \ModuleA
                \trunk
                \release
            ...

Is there a way to have the \root\development\ModuleA\release folder be the contents of the \root\tags\ModuleA\rel_20090801 folder? That way I could just have my local repository start at \root\development and not have to have all the tags.