Yes. If you have a Wi-Fi enabled iPad (the ones without a cellular modem) and you are in an area without Wi-Fi service, you can easily use your iPhone as an access point/hotspot.
Use the following instructions for iOS 7:
1. Go to “Settings”
2. Select “Personal Hotspot”
3. Turn “Personal Hotspot” on
4. Make a note of your Wi-Fi password, and then go to your iPad or other device to connect as you normally do to Wi-Fi service. Just select the name of your phone from the list of available hotspots.