Yes, there are a few macroalgae species which will do well in the substrate. Especially caulerpa macroalgae species like caulerpa prolifera, caulerpa taxifolia and caulerpa racemosa will love this. But as they are fast growing they will need to be restricted, or they can overgrow the whole reeftank.

Other macroalgae like the Halimeda species are very good too  for the substrate too and will stay more in the spot where placed.

Slow growing red  species like the Gracilaria or Codium species can be mounted on a small rock frag and will look great too, and won't be invasive as some of the caulerpa species.