Yes, it is possible.
In order to exclude points/discounts for specific products, you can utilize the collection settings on Shopify interface.
On the product details page, you can tag no-easy-points no-easy-points for excluding products from earning points and tag no-easy-discount for excluding products from using points during checkout. It is possible to apply both tags. Once you have added the tags, the product will automatically be allocated to the collections.
Points will not be displayed for items in the EasyPoints Exclusion collection and the discount coupons will not be created for items in the EasyPoints Discount Exclusion collection.
If you are using a specific cart theme, it may cause malfunction with this function. Please contact us through customer support if you require further assistance.