Yes. With the iphone connected to itunes, click on the phone under DEVICES on the left side, then click on "Photos" below the top bar to the right end of where it says Summary Info Apps Tones etc.
It is there where you can tell it where to sync photos from on the computer, whether iPhoto or a folder, and whether to sync just selected albums/events to the phone.
Note that this section is just for syncing stuff down to the phone; for bringing iphone pictures into iPhoto either use iCloud/PhotoStream or directly import within iPhoto (or whatever photo app you use)