In theory yes, but if for some reason you use Outlook 2011 on a Mac too this doesn't work (Which is the problem I'm trying to solve!)
Set up a new imap mail account on your iOS device to connect to your exchange server. If you use a hosted service you can usually find these details somewhere in Options in Outlook Web Access.
Disable all the syncs apart from notes (As you'll already be syncing contacts, mail, calendar & task through the exchange account), and save the account.
Then go into (iOS) Settings, Notes, and make the account you've just loaded the default account for new notes.
I hope that works for you.