Yes, and there is more then one option!
But WARNING first: Sonar has a nasty bug with CS preset saving, so:
1) NEVER save preset with 2 preferences for the same plug-in opened simultaneously, the preset in once instance will be saved into preset in another instance, you will loose the preset...
2) you will always see the same preset name in all instances. So if you want modify presets, open one (and only one, see (1)) preset window and type the preset name manually. Only then press Save button.
Now the good part:
a) you can just use 2 devices separately, with different preset
b) you can use second (third, forth, joystick, soon OSC...) device as an EXTENDER to another. Then you define only one configuration for both. For example you can use "Shift" on faderport for MIDI keyboard control. See "Cooperation mode" in the Manual ("Standalone"/"Master"/"Slave" options in the "Options" Tab)
(b) has advantage that it does not has big preset, you just specify it as an "an extender". So you never need to open its preferences again and so no problem with preset saving. Just put it as the second in the control surfaces list (you can not change the order later...) since Sonar shows the first instance by default.
BACKUP YOUR PRESETS using Cakewalk Plug-in Manager before attempting to use these features !!!