Not as such. Windows won't create HFS+, and Mac won't create NTFS. A linux/unix system might do it, but its easier just to create the FAT partition then let the Windows machine convert that to NTFS. Or better yet, leave it as FAT32 then you can access the PC partition from your Mac.
Remember that Mac OSX can only READ NTFS, so while your PC volume on that partitioned drive will show up under OSX and files will be readable, you won't be able to change, save or write in any way to that volume.
If you only intend to WRITE to that volume from your PC, then that's fine. But if you want to access all the files from both platforms, you might want to decide on a PC format option that fills your needs and is read/write on both platforms.