Question: Is it possible to link a DGN element to a ProjectWise folder?
Yes it is possible to link a DGN element to a ProjectWise folder.
You will however only be able to view the content of that ProjectWise folder. You will not be able to copy, paste or clip files in and out of the ProjectWise folder.
https://communities.bentley.com/products/microstation/w/microstation__wiki/20349.how-to-link-dgn-elements-to-a-folder