Yes, you can set the "invisible" flag for that drive. The following link shows how to do it a couple of ways, and although this particular articles is discussing the Time Machine drive icon, it works equally well for a Boot Camp drive icon by just entering your Boot Camp icon's name in the command. I used this to hide both the Time Machine and Boot Camp icons.
http://www.macworld.com/article/132782/2008/04/finderhidetm.html
By the way, it says that you have to have the developer's toolkit from Apple installed, but that is not necessarily true. The command used ("SetFile") is often already on your system, provided in the background with some of the Apple updates.
Try the terminal version first- if the Terminal comes back with a Command not found or such you can either install the Developer's tools or use the script method shown below that in the article. Nothing will be harmed by trying the Terminal command first.
Also, note that the icon won't normally vanish until the Finder is relaunched, and a relaunch is the simplest way to do that.
As noted in the article, it is a simple matter to revert it to visible with the same command in Terminal, just changing the captial V to a lowercase v.