Can a Excel Spreadsheet data be link to a Microstation v8i SS4 drawing?

yes its very easy..

create your excel select all and  copy

return to microstation and from the top menu Edit> paste special

Now you will se several options my favourite is the embedded but you can use linked 

then it will let you paste by points say left top to bottom right

the font will be excel windows or true type if you measure the text approx. and compare to text size you want you can work out sale factor and rescale

You can link the Excel spreadsheet itself to your drawing very easily, as Lorys just explained.

If you want to keep data in an excel sheet for use in anything other than a table, you will probably need to look into VBA programming to lookup and apply data from your spreadsheet.

What exactly are you trying to accomplish?

While linking your spreadsheet as an OLE object within your DGN file is an option you can consider it is not connecting the data to Text Fields as such. What you might like to consider would be to use Placeholder Link Properties as you can select this to come from an Excel Spreadsheet. Not sure whether this would be exactly what you are requiring but you might like to use this in concert with some VB code to get the data into your file.

Fields - Derived Content in Text

Blog - How to place and update fields in MicroStation

Text Fields - Auto Updating Annotations

Andrew Bell said:

use Placeholder Link Properties as

Good tip!  Which MicroStation tool provides that Select Field Type dialog (with the Excel option)?

The Image Andrew provided can be found from the Text Editor within the CONNECT Edition

In CONNECT Edition :

Select the Place Text tool to open the Editor,

On the Text Editor , select the 'Insert Field' tool ( or right click in the Editor and select Insert Field )

Change the Field Type: to 'Placeholder Link Properties'

Change the Link Type: to 'Excel Sheet'

In V8i

Select the Place Text tool to open the Editor,

Right click in the Editor and select Insert Field

Change the Field Type: to 'Placeholder Link Properties' and select 'OK'

Change the Files of Type: to Microsoft Excel Files (*.xls, *xlsx)