Yes, the Minitab License Manager can be installed and configured in a virtual environment. The same system requirements apply. When fulfilling the license, be sure to use the MAC address of the network adapter in the virtual environment, not the computer's physical network card.
MAC addresses of virtual machines can change if the virtual machine is moved to a different host. Be sure to set the MAC address as static to avoid an issue with the MAC address of the virtual machine not matching the MAC address in your license file. This will cause the Minitab License Manager to stop serving licenses to your users.