Yes, though it has to connect via MIDI, not FASLink.
I have both an FX8 and an MFC 101, and the MFC is obviously quite a bit more capable as a MIDI controller. But the FX8 can certainly send program changes, continuous controllers, IA's, and scene selections. I don't remember whether or not it can pass expression pedal CC data to the Axe-FX...I don't think it can. The main limitation of the FX8 vs the MFC is the much smaller number of physical buttons available.
Other limitations - none of the MFC's real time sysex capabilities are available, so it can't display tuner data, tap tempo, or IA switch status from the Axe-FX.
I partially get around those limitations by coupling an Axe-FX II and the FX8 together with both audio and MIDI, which is limitless CPU heaven. I run in to the FX8 first and use it for all preamp and drive type stuff. You can also do various 4CM connection schemes between the two.