Of course its possible. The correct way to do it would involve some beam effect using the memblocks commands. However thats a little complicated if you haven't used them before.
The easiest way to do it would be to create several copies of the sword object, and ghost the copies (not the original), you then rotate the copies just behind the main sword. Eg if the main sword is at an angle of 150 degrees, rotate the copies to 149, 148, 147 to give the impression of a trail.
That would only work for when the sword is swung, but normally that is the only time you see the trail in Zelda.
When the sword comes to a stop, hide the ghosted swords so they can't be seen.