Hi Mick,
yes it is similar. Note you will need to include the path delimiter in between the property reference for the directory name and the property reference for the file name. It is also probably best to avoid FileName as this is similar to the predefined property on the nodes - maybe OutFileName instead?
You can use Data Flow properties or Run Properties, as required.
You can also use the path-safe variants of the built-in Run properties for run date/time,etc, if required, to generate run-specific output file names. See the Run property substitution topic in the Help.