Yes, you can, but the syntax is rather obscure.  You need to use the "-b" parameter to specify the baseline that you want to use.   But then you still have to specify a <replaceType>  (I have no idea why that is required ... perhaps someone from the scm team could explain).   What I do is just specify "workspace" as the replace type, and then I just name the workspace that I am doing the replace in ... that seems to make the command happy.  So for example, if I want to replace the baseline of component "comp" in workspace "ws" with baseline "bl", you can say:

scm workspace replace-components -b bl -P <my-login> -u <my-password> -r <my-repo> ws workspace ws comp

Note: you'll always want to use "scm help" to look up the syntax of a command, since for some reason, the on-line documentation on the scm syntax frequently has bugs.