Not in the same manner, no. The UI for filtering is distinctly different in the Outlook client, in that the button is not placed in the Outlook ribbon area, as you discovered, but rather in the upper right corner of the view "tab", as I included in my screenshot.
Though this is the case, you will still get the same user friendly filtering conditions you get in the Web client, just in a different area. It's a little more clunky and less-than-intuitive, but it works the same way...