Yes. This functionality (The Rename file using ID3 tags(Mp3 File Rename)) is
available in the PRO version of Zortam Mp3 Media Studio.
You can rename files using ID3 tags. You can find this option in the menu Tools -> Rename Files using ID3 Tags (Alt + R) or on the tool bar near search button is a big button : Rename.
So this is how it’s done. You select one or more files from the library, then press the button, and then a dialog box appears.