(Note: I know this is almost 3 years old, but I landed on this page by searching a similar question, so I'm writing the correct answer here for anybody else coming here)
Yes, it is possible, it's even preferred to do this instead of cluttering the PATH variable. You need to add a key under the registry key
HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Windows\CurrentVersion\App Paths (for the machine) or
HKEY_CURRENT_USER\SOFTWARE\Microsoft\Windows\CurrentVersion\App Paths (for the user - preferred).
The format is the same in both cases, the key name should be
utility-5.exe and the registry default value should be
There are more information (including several more stuff you can do) on MSDN and by Raymond Chen