Yes, you can.
From the Web Tracking Dashboard, select the "Summary" tab. Next to the link you would like to disable, click "Edit."
An overlay box will appear with several options, including an "Enabled" checkbox. To disable the link tracking, uncheck the "Enabled" box.
To reenable the link tracking, follow the same process and check the "Enabled" box.
This will quickly switch off (or switch on) link tracking for your desired link.