HI,
Yes we can create vacation view, but before that you have to create a column which should show some information for Vacations.
Then create a vacation view and check that column to be displayed in Vacation view only.
You can also set filter so that only those columns will be appeared which have vacation details.
Warm Regards, Pratik Vyas | SharePoint Consultant | http://sharepointpratik.blogspot.com/ | Posting is provided "AS IS" with no warranties, and confers no rights