Yes, you can use the configSource
attribute to point to an external file like you can with other web.config sections. In the web.config:
<rewrite>
<rules configSource="Rewrite.config" />
</rewrite>
And in the rules config file:
<rules>
<rule name="some rule">
<!-- rule details here --->
</rule>
</rules>
You can still even use the IIS manager to edit rules and it'll just work. One minor caveat with this approach: when you make a change and save an external file like this, it will not recycle the application like making a change to the web.config will. So if you're editing a rule and want to see it take effect, you need to manually poke the web.config by making an edit and saving it.
Another reference: Moving IIS7 url rewrite section out of the web.config file
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