Yes, it is possible to create a Windows service for your MPS instance via command-line when creating your instance, or you can add a Windows service for an existing instance.
This functionality does not exist for instances created through MPS dashboard.
If your instance was already created via command-line, you can add a Windows service for it by executing:
mps-service -C <path_to_instance> create
Or you can create a new instance with its own Windows service by executing:
mps-new <path_to_instance> --service
For more information, see:
Configure Server Instance as Windows Service
Also see page 36 of the MATLAB Production Server Guide pdf:
MATLAB Production Server Guide
This functionality was added in R2015a with the mps-service utility, but there is a different workflow to install a Windows Service for older releases of MATLAB Production Server. If you need support with a release of MPS older than R2015a, contact MathWorks Support:
