Hi @shockoMS
Yes, it is possible refer to the below url it is explained step-by-step process.
Set Log Retention Policy
https://learn.microsoft.com/en-us/previous-versions/windows/it-pro/windows-server-2008-R2-and-2008/cc721981%28v%3dws.10%29
Set Maximum Log Size
https://learn.microsoft.com/en-us/previous-versions/windows/it-pro/windows-server-2008-R2-and-2008/cc748849%28v%3dws.10%29
additional reference
https://social.technet.microsoft.com/Forums/office/en-US/662d594d-f884-4a18-a55b-de7a868f9576/default-retetion-period-for-security-logs?forum=winservergen
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