Josh Fialkoff on "[Plugin: WordPress SEO by Yoast] 301 Redirect to Non-Existing URL"

Is it possible to use the 301 redirect field to change the URL of a page and 301 redirect from the old URL to the new URL?
For instance, I want to change a long URL to /news/headline-goes-here.
Can I do that using the WordPress SEO plugin without creating a new page called /news/headline-goes-here?

http://wordpress.org/extend/plugins/wordpress-seo/