No, it needs to be there for the Settings panel to run. If you remove it, you will lose the custom features on your Quick Keys, Pen Tablet, and/or Pen Display. 



[1] The Xencelabs icon must be in the Dock so that the Settings panel and Xencelabs devices can work within macOS. 


If you have additional questions or would like to work with an Xencelabs agent, you can email CustomerCare@Xencelabs.com.